Japanese Yen: USD/JPY (JPY=X) risk appetite pulling back a bit

Japanese Yen: USD/JPY (JPY=X) risk appetite pulling back a bit

Japanese Yen: USD/JPY (JPY=X) risk appetite pulling back a bit

Major uptrend line which is part of the up trending channel, as well as major support at the ¥112 level. Under their, we have the 200 day EMA which tends to attract a lot of attention. I think at this point we are in a very interesting level on the chart, as the most recent high was a bit lower than the previous one and it does look like the ¥114.50 level begins a massive resistance barrier that extends to at least the ¥115 level.

If we break down below the 200 day EMA, this market could unwind to the ¥110 level, perhaps even the ¥108 level. This would probably coincide with some type of selloff again in the equities markets, and a general “risk off” attitude around the world. At this point, the uptrend is still very much intact but it certainly is getting difficult.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 112.54.

The projected upper bound is: 114.28.

The projected lower bound is: 111.98.

The projected closing price is: 113.13.

Candlesticks

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 28 white candles and 22 black candles for a net of 6 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 28.6597. This is not an overbought or oversold reading. The last signal was a buy 0 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 50.75. 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 34 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 -69. This is not a topping or bottoming area. The last signal was a buy 0 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 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed up 0.340 at 113.090. Volume was 8% above average (neutral) and Bollinger Bands were 8% narrower than normal.

Open High Low Close Volume___
112.760 113.140 112.610 113.090 116,875

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

Moving Averages: 10-period 50-period 200-period
Close: 113.39 112.90 110.19
Volatility: 6 6 7
Volume: 120,051 112,390 107,946

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 2.6% above its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 bearish on JPY= and have had this outlook for the last 1 periods.

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