USD/JPY (JPY=X) attempts to break through resistance at 110.605

USD/JPY (JPY=X) attempts to break through resistance at 110.605

USD/JPY (JPY=X) attempts to break through resistance at 110.605

The US dollar against the Yen has progressed to the upside since breaking above110.250 resistance during the Asian trades in yesterday’s session. The US dollar managed to push through to 110.604 resistance during the European session, but now it’s under pressure trying to breakthrough 110.604. The next target is at around 110.900 if it gets through the current obstacle. The immediate support is at 110.418.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 109.49.

The projected upper bound is: 111.18.

The projected lower bound is: 108.85.

The projected closing price is: 110.01.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 25 white candles and 25 black candles.

A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 42.9293. This is not an overbought or oversold reading. The last signal was a sell 3 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 51.16. 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 22 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 -45. This is not a topping or bottoming area. The last signal was a sell 4 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.020 at 109.960. Volume was 88% below average (consolidating) and Bollinger Bands were 26% narrower than normal.

Open High Low Close Volume___
109.970 110.000 109.820 109.960 12,463

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 110.29 109.50 110.23
Volatility: 5 7 8
Volume: 86,916 97,437 105,135

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 0.2% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 3 periods.

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