Japanese Yen: USD/JPY (JPY=X) could get a slight dip

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								Japanese Yen: USD/JPY (JPY=X) could get a slight dip

Japanese Yen: USD/JPY (JPY=X) could get a slight dip

The US dollar has done very little against the Japanese yen during trading on Thursday, which of course is not a huge surprise considering that the jobs number comes out in the United States on Friday. This is one of the most sensitive pairs to that announcement, so it makes sense that people will be looking to put a lot of money into the marketplace ahead of that major event.

Longer-term, it certainly looks as if the market is probably going to continue to go higher, but the question is whether or not we can take off from here or if we can pull back before finding buyers. I think at this point we very well could get a slight dip, but that should be thought of as a buying opportunity.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 113.87.

The projected lower bound is: 111.51.

The projected closing price is: 112.69.


								Japanese Yen: USD/JPY (JPY=X) could get a slight dip

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 27 white candles and 22 black candles for a net of 5 white candles.

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 67.3146. This is not an overbought or oversold reading. The last signal was a sell 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 51.37. 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 21 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 60. This is not a topping or bottoming area. The last signal was a sell 1 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 buy 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX JPY= closed down -0.040 at 112.660. Volume was 97% below average (consolidating) and Bollinger Bands were 38% narrower than normal.

Open High Low Close Volume___
112.690 112.720 112.630 112.660 3,269

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

Moving Averages: 10-period 50-period 200-period
Close: 112.55 112.32 109.89
Volatility: 6 7 7
Volume: 110,786 106,216 108,429

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 2.5% above its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of JPY= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 14 periods.

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