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Japanese Yen: USD/JPY (JPY=X) reached a two-week peak at 110.74

Japanese Yen: USD/JPY (JPY=X) reached a two-week peak at 110.74

The yen reached a two-week peak at 110.74 yen per dollar before easing to 111.27 yen, which was up 0.1 percent from Friday.

It strengthened to a two-week high at 129.85 yen per euro before retreating to 130.33 yen, up 0.25 percent on the day.

This is an area that had seen an extreme amount of demand, and I think that the buyers will probably come back. This is especially true considering that the significant move on Friday was due to a tweet that Donald put out, suggesting that the Federal Reserve should keep its monetary policy loose and try to keep the US dollar competitive with the other currencies.

However, the reality is that we are in and uptrend, because the Federal Reserve will stay on the track of interest rate hikes that have been planned out. In fact, after the tweet came out we had already seen people in the Federal Reserve denying that his opinion would change anything.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 110.54.

The projected upper bound is: 112.65.

The projected lower bound is: 110.24.

The projected closing price is: 111.45.

Candlesticks

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 25 white candles and 25 black candles.

A hammer occurred (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.

A hanging man occurred (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend (which appears to be the case with FOREX JPY=) it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend it is called a bullish hammer.

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).

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 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 20.4886. This is not an overbought or oversold reading. The last signal was a sell 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 52.36. 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 2 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 -36. This is not a topping or bottoming area. The last signal was a sell 2 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 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed up 0.020 at 111.410. Volume was 3% below average (neutral) and Bollinger Bands were 36% wider than normal.

Open High Low Close Volume___
111.490 111.540 110.740 111.410 101,881

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

Moving Averages: 10-period 50-period 200-period
Close: 112.11 110.52 110.11
Volatility: 9 7 8
Volume: 107,377 105,191 106,604

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 1.2% 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 moderate flows of volume into JPY= (mildly bullish). Our trend forecasting oscillators are currently bullish on JPY= and have had this outlook for the last 24 periods.