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Japanese Yen: USD/JPY (JPY=X) short-term bullish momentum

Japanese Yen: USD/JPY (JPY=X) short-term bullish momentum

Japan should be careful about recent remarks by U.S. President Donald  on currencies and might need to convince Washington its monetary easing is not aimed at weakening the yen but beating deflation, a finance ministry official said on Saturday.

Although the price made a new 6-month high last week, it has fallen sharply, and the week closed right on its low, which is often a bearish sign. Once the Dollar began to fall late in the week, it moved very heavily against the Yen. This suggests that there is a lot of short-term bullish momentum, but there is certainly a long-term bullish trend, and it looks as if the price may now be able to fall a great deal further very quickly. Nevertheless, short trades look more likely to be profitable than long trades here.

Overall, the bias in prices is: Sideways.

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

The projected upper bound is: 112.59.

The projected lower bound is: 110.18.

The projected closing price is: 111.38.

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.

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 11.7282. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 51.70. 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 -27. 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 down -0.040 at 111.350. Volume was 97% below average (consolidating) and Bollinger Bands were 36% wider than normal.

Open High Low Close Volume___
111.490 111.490 111.200 111.350 3,003

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

Moving Averages: 10-period 50-period 200-period
Close: 112.10 110.52 110.11
Volatility: 9 7 8
Volume: 97,489 103,214 106,110

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 1.1% 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. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.