Japanese Yen: USD/JPY (JPY=X) remains content to hold above the 50-day moving average
Following a test of the 200– and 100-hour SMAs and the weekly PP at 111.40 early on Wednesday, the US Dollar began a new decline down to the 110.80 mark. This pushed the rate below the bottom boundary of the senior wedge.
Short-term technical indicators are located in the oversold territory. Thus, it is likely that Dollar bulls try to use this opportunity and push the pair higher. It does face the aforementioned resistance cluster that should hinder or even halt any moves above this 111.40 level.
In case weak fundamentals put bearish pressure on the rate, the US Dollar should not fall below 111.60. In general, the expected trading range for today is 110.60/111.40.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.20.
The projected lower bound is: 110.09.
The projected closing price is: 111.14.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 32.9968. This is not an overbought or oversold reading. The last signal was a buy 11 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 47.89. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 16 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -47. This is not a topping or bottoming area. The last signal was a sell 16 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 14 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.040 at 111.110. Volume was 96% below average (consolidating) and Bollinger Bands were 17% narrower than normal.
Open High Low Close Volume___
111.070 111.110 111.040 111.110 3,993
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 111.35 110.91 109.96
Volatility: 5 6 8
Volume: 85,556 99,798 105,764
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX JPY= is currently 1.0% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of JPY= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 10 periods.
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