Japanese Yen: USD/JPY (JPY=X) trading could be tight at the start of the week due to a U.S. bank holiday
Trading could be tight at the start of the week due to a U.S. bank holiday. The U.S. Treasury is closed as well as the New York Stock Exchange. This being the case, there’s not going to be a lot of guidance for traders on Monday.
The direction of the USD/JPY the rest of the week is likely to be determined once again by Treasury yields and the stock market. These market are likely to be largely influenced by U.S.-China trade negotiations. However, investors will also get a chance to react to the latest Federal Open Market Committee Meeting Minutes and the U.S. Durable Goods Orders.
U.S.-China trade talks will continue in Washington later this week after the sixth round of negotiations ended in Beijing on Friday. There were no signs of substantial progress, but both signs remained optimistic and this seemed to keep investors happy.
As far as the Fed minutes are concerned, investors are going to be looking reasons for the FOMC’s removal of the phrase “some further gradual increases in the target range” from the statement. Concerns were raised by the removal of the statement with some investors interpreting this to mean the end to the Fed’s tightening cycle. Others thought it was a technical adjustment as the Fed approaches the end of its tightening cycle. The minutes could offer an explanation for this adjustment.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 111.93.
The projected lower bound is: 109.12.
The projected closing price is: 110.53.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white 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 52.0944. This is not an overbought or oversold reading. The last signal was a sell 2 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 57.98. 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 31 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 78. This is not a topping or bottoming area. The last signal was a sell 1 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 buy 24 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.100 at 110.580. Volume was 51% below average (consolidating) and Bollinger Bands were 25% narrower than normal.
Open High Low Close Volume___
110.430 110.610 110.370 110.580 52,442
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 110.28 110.11 111.30
Volatility: 5 8 7
Volume: 92,332 98,031 105,739
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 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 15 periods.
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