Japanese Yen: USD/JPY (JPY=X) US dollar pressing resistance

Japanese Yen: USD/JPY (JPY=X) US dollar pressing resistance

Japanese Yen: USD/JPY (JPY=X) US dollar pressing resistance

The US dollar has rallied again during the trading session on Tuesday against the Japanese yen, pressing against the 50% Fibonacci retracement level yet again. Just above, the 200 day moving average looms large.

The US dollar has rallied a bit during the trading session on Wednesday, reaching towards the 50% Fibonacci retracement level, and perhaps more importantly the 200 day EMA above there. The 200 day EMA of course will cause a certain amount of resistance, as it is a large indication of trend in general. If we can break above there, then the market is very likely to go much higher. That of course would be thought of as a trend change by certain algorithms, so therefore could bring a lot of money into the marketplace.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 107.86.

The projected upper bound is: 109.18.

The projected lower bound is: 106.28.

The projected closing price is: 107.73.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 58.6665. This is not an overbought or oversold reading. The last signal was a sell 1 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 53.66. 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 36 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 -35. This is not a topping or bottoming area. The last signal was a sell 9 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 sell 6 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed unchanged at 107.740. Volume was 91% below average (consolidating) and Bollinger Bands were 36% narrower than normal.

Open     High      Low     Close     Volume___
107.720 107.760 107.690 107.740 7,935
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 107.72 107.06 109.13
Volatility: 6 9 7
Volume: 81,556 92,468 91,293

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 1.3% below its 200-period moving average and is in an upward trend. Volatility is low 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 bullish on JPY= and have had this outlook for the last 18 periods.

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