Japanese Yen: USD/JPY (JPY=X) Renewed Demand for Safe-Haven Protection

Japanese Yen: USD/JPY (JPY=X) Renewed Demand for Safe-Haven Protection

Japanese Yen: USD/JPY (JPY=X) Renewed Demand for Safe-Haven Protection

Safe-haven buying is helping to drive the Dollar/Yen lower on Wednesday. Treasury yields are down, making the dollar a less-attractive investment and stocks are under pressure, sending investors into the safety of the Japanese Yen. The catalyst behind the early weakness in the Forex pair is another defeat for British Prime Minister Theresa May’s Brexit deal.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 110.78.

The projected upper bound is: 112.35.

The projected lower bound is: 110.14.

The projected closing price is: 111.25.

Candlesticks

A black body occurred (because prices closed lower 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 29 white candles and 19 black candles for a net of 10 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 39.9443. This is not an overbought or oversold reading. The last signal was a sell 4 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 54.37. 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 buy 48 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 -13. This is not a topping or bottoming area. The last signal was a sell 4 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.150 at 111.200. Volume was 11% below average (neutral) and Bollinger Bands were 34% narrower than normal.

Open High Low Close Volume___
111.340 111.460 110.990 111.200 91,605

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 111.51 110.01 111.41
Volatility: 5 6 7
Volume: 90,914 96,386 104,446

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.

Summary

FOREX JPY= is currently 0.2% below its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of JPY= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on JPY= and have had this outlook for the last 32 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH