Japanese Yen: USD/JPY (JPY=X) Trade Wars in Focus
After touching its highest level in nearly two weeks at 112.15, the USD/JPY pair lost its momentum and retraced its daily gains. As of writing, the pair was virtually unchanged on the day at 111.88.
The immediate support for the pair is located at 111.70 (daily low/20-DMA) ahead of 110.85 (50-DMA) and 110 (psychological level). On the upside, resistances could be seen at 112.15 (daily high), 112.60 (Jul. 20 high) and 113.10 (Jul. 17 high).
Overall, the bias in prices is: Sideways.
The projected upper bound is: 112.76.
The projected lower bound is: 110.55.
The projected closing price is: 111.66.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 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 75.6381. This is not an overbought or oversold reading. The last signal was a buy 5 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 54.41. 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 10 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 -7. This is not a topping or bottoming area. 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 down -0.100 at 111.610. Volume was 73% below average (consolidating) and Bollinger Bands were 1% narrower than normal.
Open High Low Close Volume___
111.700 111.740 111.530 111.610 27,691
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 111.34 110.67 110.04
Volatility: 7 6 8
Volume: 100,116 104,175 106,419
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 1.4% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into JPY= (mildly bullish). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 4 periods.