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Japanese Yen: USD/JPY (JPY=X) Bearish Correction to 110.00

Japanese Yen: USD/JPY (JPY=X) Bearish Correction to 110.00

he Japanese yen has posted slight gains in the Tuesday session. In the North American session, USD/JPY is trading at 111.24, down 0.09% on the day.

On the release front, Japanese Flash Manufacturing PMI slipped to 51.6, short of the estimate of 53.2 points. The indicator is at its lowest level since November 2016. On the inflation front, BoJ Core Inflation dipped to 0.4%, shy of the forecast of 0.6%.

The Forex pair is trading inside yesterday’s range which suggests investor indecision and impending volatility.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 110.58.

The projected upper bound is: 112.40.

The projected lower bound is: 110.05.

The projected closing price is: 111.23.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 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 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 20.7990. This is not an overbought or oversold reading. The last signal was a buy 0 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 50.09. 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 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 -55. 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 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed up 0.020 at 111.210. Volume was 96% below average (consolidating) and Bollinger Bands were 22% wider than normal.

Open High Low Close Volume___
111.200 111.230 111.140 111.210 4,407

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

Moving Averages: 10-period 50-period 200-period
Close: 112.04 110.56 110.10
Volatility: 7 7 8
Volume: 97,652 103,798 106,231

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 1.0% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 26 periods.