Japanese Yen: USD/JPY (JPY=X) will continue to see a lot of volatility
The US dollar has gone back and forth during the trading session on Monday, as we continue to wonder what’s going to happen between the Americans and the Chinese. Ultimately, we are starting to see both of these countries verbally bash each other from across the Pacific Ocean, so it’s difficult to get overly bullish on risk appetite in this scenario.
However, we do see risk assets overall trying to show signs of resiliency, so that’s something that should not be ignored. At this point, I am more bullish than bearish, but I also recognize that the political landscape is a bit of a minefield. With that in mind, it’s likely that we will continue to see a lot of volatility and choppiness, but we are just above a major support level.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 110.66.
The projected upper bound is: 110.96.
The projected lower bound is: 109.04.
The projected closing price is: 110.00.
A black body occurred (because prices closed lower 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 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 82.4924. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 4 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 40.27. 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 4 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 -18. This is not a topping or bottoming area. The last signal was a buy 3 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 17 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed down -0.050 at 110.020. Volume was 3% below average (neutral) and Bollinger Bands were 53% wider than normal.
Open High Low Close Volume___
110.120 110.310 109.800 110.020 88,938
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 109.84 111.05 111.43
Volatility: 6 6 7
Volume: 92,431 88,799 101,141
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 1.3% below its 200-period moving average and is in an downward 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 bearish on JPY= and have had this outlook for the last 10 periods.