Japanese Yen: USD/JPY (JPY=X) softness in the greenback
The US dollar has pulled back a bit during the trading session again on Thursday, reaching towards the ¥110 level, an area that is major support. The moving averages above of course cause some noise in general, right around the ¥111 level. Ultimately, the market should continue to go higher if we can get some type of “risk on move” in the stock market, but the greenback is going to be a bit softer than it was before after the Federal Reserve did everything it could to knock down interest rate expectations. In other words, this is one of the few places the US dollar may strengthen against other currencies, but it won’t exactly rip to the upside.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 110.81.
The projected upper bound is: 111.79.
The projected lower bound is: 109.90.
The projected closing price is: 110.85.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 27 white candles and 21 black candles for a net of 6 white 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 27.3199. This is not an overbought or oversold reading. The last signal was a sell 10 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 46.73. 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 54 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 -171.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 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 8 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.120 at 110.800. Volume was 3% below average (neutral) and Bollinger Bands were 43% narrower than normal.
Open High Low Close Volume___
110.700 110.950 110.280 110.800 98,240
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 111.23 110.36 111.44
Volatility: 6 5 7
Volume: 91,545 95,304 104,290
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 0.6% below its 200-period moving average and is in an upward 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 bullish on JPY= and have had this outlook for the last 38 periods.
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