Japanese Yen: USD/JPY (JPY=X) increased demand for risky assets
The Dollar/Yen finished higher last with support coming from increased demand for risky assets and expectations of a Fed rate hike this week. The Forex pair did give up some of its gains late in the week as investors flocked into the safe-haven Japanese Yen.
Last week’s price action was primarily driven by news from China. Positive developments from the U.S.-China trade negotiations helped drive up U.S. equity markets which supported the U.S. Dollar. Bad economic numbers from China encouraged investors to shed risky assets, making the Yen a more-desirable investment.
Last week, the USD/JPY settled at 113.394, up 0.687 or +0.61%.
Global equity markets traded higher early in the week on optimism that U.S. and China negotiations would soon resolve the trade dispute issues between the world’s two largest economies. Driving this train of thought was a pair of olive branches from China and upbeat comments from President Trump.
Overall, the bias in prices is: Sideways
The projected upper bound is: 113.82.
The projected lower bound is: 111.55.
The projected closing price is: 112.69.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
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.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 64.3039. 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 44.17. 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 52 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 buy 18 period(s) ago.
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 -0.670 at 112.700. Volume was 27% below average (neutral) and Bollinger Bands were 34% narrower than normal.
Open High Low Close Volume___
113.310 113.520 112.690 112.700 81,045
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 113.10 112.99 110.79
Volatility: 8 6 7
Volume: 120,991 118,492 107,891
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.
FOREX JPY= is currently 1.7% above its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into JPY= (mildly bullish). Our trend forecasting oscillators are currently bearish on JPY= and have had this outlook for the last 6 periods.