Moving Average On The Horizon For The Japanese Yen: USD/JPY (JPY=X)
The Greenback is attempting to bounce back against the Japanese yen, establishing trade above the 108.50 level. Rates have stabilized since the 31 May plunge, with the USD/JPY putting in a short-term bottom in the vicinity of 108.00.
During the U.S. overnight, Japan released a series of Q1 GDP metrics. The reports came in positive, highlighted by Q1 2019 GDP (0.6%) beating expectations (0.4%) and Q4 2018 figures (0.5%). The news brought some intraday bids to the yen, but optimism has faded as the U.S. session has worn on.
Moving Average On The Horizon For The USD/JPY
The onset of June has brought largely rotational trading conditions to the USD/JPY. A defined “L” formation has developed on the daily chart, emphasized by compression between 108.50 and 108.00.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 110.04.
The projected upper bound is: 109.36.
The projected lower bound is: 107.37.
The projected closing price is: 108.36.
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 22 white candles and 28 black candles for a net of 6 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 45.1976. This is not an overbought or oversold reading. The last signal was a buy 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 35.88. 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 3 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 -50. This is not a topping or bottoming area. The last signal was a buy 2 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 9 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.240 at 108.420. Volume was 3% above average (neutral) and Bollinger Bands were 37% wider than normal.
Open High Low Close Volume___
108.540 108.710 108.310 108.420 94,121
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 108.64 110.49 111.29
Volatility: 8 6 7
Volume: 99,532 88,545 100,095
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 2.6% below 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 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 25 periods.