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Japanese Yen: USD/JPY (JPY=X) Tokyo CPI On Deck

Japanese Yen: USD/JPY (JPY=X) Tokyo CPI On Deck

The Bank of Japan has stubbornly held to its inflation of target of just under 2.0%, but this goal remains elusive. This week, inflation indicators were mixed. The Services Producer Price Index improved for a third straight month, jumping to 1.2% in June.

This beat the estimate of 1.0% and marked the strongest gain since March 2015. At the same time, BoJ Core Inflation, the BoJ’s preferred inflation indicator, dipped to 0.4%, its smallest gain since in 11 months. We’ll get a third look at inflation later on Wednesday, with the release of Tokyo Core CPI.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 112.38.

The projected lower bound is: 110.04.

The projected closing price is: 111.21.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 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 28.7272. This is not an overbought or oversold reading. The last signal was a buy 1 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 50.15. 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 6 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 -65. This is not a topping or bottoming area. The last signal was a sell 6 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 4 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.020 at 111.200. Volume was 95% below average (consolidating) and Bollinger Bands were 15% wider than normal.

Open High Low Close Volume___
111.210 111.240 111.160 111.200 5,191

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

Moving Averages: 10-period 50-period 200-period
Close: 111.77 110.57 110.08
Volatility: 7 7 8
Volume: 97,970 104,094 106,305

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 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 28 periods.