USD Trading 0.16% Higher Against The Japanese Yen (¥)

USD Trading 0.16% Higher Against The Japanese Yen (¥)

For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 110.36.

In the Asian session, at GMT0300, the pair is trading at 110.54, with the USD trading 0.16% higher against the JPY from yesterday’s close. Overnight data indicated that Japan’s monetary base climbed 15.6% on an annual basis in July. The monetary base had risen 17.0% in the prior month. The pair is expected to find support at 110.11, and a fall through could take it to the next support level of 109.69. The pair is expected to find its first resistance at 110.78, and a rise through could take it to the next resistance level of 111.03. Going ahead, Japan’s Nikkei services PMI for July, set to be released overnight, will be on investors’ radar. The currency pair is trading above its 20 Hr and 50 Hr moving averages.

Technical Analysis

Overall, the bias in prices is: Downwards.

Short term: Prices are stalling.

Intermediate term: Prices are ranging.

The projected upper bound is: 112.04.

The projected lower bound is: 109.10.

The projected closing price is: 110.57.

Candlesticks

A white body occurred (because prices closed higher 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 22 white candles and 28 black candles for a net of 6 black candles.

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 19.6368. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 6 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 38.98. 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 sell 16 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 -89. This is not a topping or bottoming area. The last signal was a buy 0 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 13 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed up 0.240 at 110.590. Volume was 0% above average (neutral) and Bollinger Bands were 9% wider than normal.

Open       High        Low          Close       Volume
110.340   110.980   110.270   110.590  111,724

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period    50-period   200-period
Close:                       111.02          111.55          112.23
Volatility:                 8                  8                   12
Volume:                   105,678      109,511        124,338

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 1.5% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of JPY= (mildly bearish). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 7 periods.

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Ivy Heffernan

Ivy Heffernan, student of Economics at Buckingham University. Junior Analyst at HeffX and experienced marketing director.

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