Japanese Yen: USD/JPY (JPY=X) should remain very calm

Japanese Yen: USD/JPY (JPY=X) should remain very calm

Japanese Yen: USD/JPY (JPY=X) should remain very calm

The US dollar has done very little against the Japanese yen during trading on Thursday, as we continue to bounce around between the ¥112 level on the top, and the ¥111.50 level on the bottom. Looking at this chart, it’s obvious that we are simply waiting for some type of catalyst to make a move finely.

With the jobs number coming out on Friday, that could very well be what causes the move, after all, the USD/JPY pair tends to move right along with bond yields, which of course are highly influenced by jobs figures. Recently, traders started to think about what the Federal Reserve is going to be able to do, and now it looks very much likely that the Federal Reserve is going to full to the pressure of the market and offer cheap money still.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 110.76.

The projected upper bound is: 112.81.

The projected lower bound is: 110.35.

The projected closing price is: 111.58.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 28 white candles and 20 black candles for a net of 8 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 71.7444. This is not an overbought or oversold reading. The last signal was a sell 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 61.00. 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 44 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 72. This is not a topping or bottoming area. The last signal was a sell 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 buy 37 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.180 at 111.570. Volume was 21% below average (neutral) and Bollinger Bands were 19% narrower than normal.

Open High Low Close Volume___
111.750 111.850 111.470 111.570 81,264

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

Moving Averages: 10-period 50-period 200-period
Close: 111.35 109.88 111.38
Volatility: 5 7 7
Volume: 92,030 94,562 104,684

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% above its 200-period moving average and is in an upward 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 bullish on JPY= and have had this outlook for the last 28 periods.

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