Japanese Yen: USD/JPY (JPY=X) short-term pullback
The 110.00 level has been of interest lately in USDJPY as last week saw prices push below this key area on the chart. This keeps USD/JPY in a bearish spot, although there may be need for a short-term pullback before the bearish side of the pair can become attractive again.
The 110.00 level hasn’t yet been tested for lower-high resistance since last week’s break-below, and this can be extended down to the Fibonacci level at 109.67 to create a zone with which that lower-high resistance could be sought out. This setup syncs with ‘risk aversion’ themes, and if sellers do take another swing at equities later this week, the short-side of USDJPY can remain as attractive.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 110.61.
The projected upper bound is: 110.30.
The projected lower bound is: 108.37.
The projected closing price is: 109.33.
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 24 white candles and 25 black candles for a net of 1 black candles.
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 14.0352. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 36.40. 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 11 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 -81. This is not a topping or bottoming area. The last signal was a buy 10 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed unchanged at 109.360. Volume was 96% below average (consolidating) and Bollinger Bands were 7% wider than normal.
Open High Low Close Volume___
109.360 109.380 109.340 109.360 3,446
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 109.79 110.83 111.40
Volatility: 6 6 7
Volume: 81,102 86,967 99,945
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 1.8% below its 200-period moving average and is in an downward trend. Volatility is 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 17 periods.