Japanese Yen: USD/JPY (JPY=X) suggest a double top has been created
The ¥113.00 level continues to act as strong resistance for USD/JPY, and further declines may suggest a double top has been created.
A decline may aim for the March rising trendline, targeting ¥111.00. Above ¥113.00, the price will head towards the December 2017 peak at ¥113.63.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 111.46.
The projected upper bound is: 114.44.
The projected lower bound is: 112.38.
The projected closing price is: 113.41.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 white candles.
A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).
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 82.9548. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 21 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 68.39. 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 51 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 138.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 16 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 buy 25 period(s) ago.
Rex Takasugi – TD Profile
FOREX JPY= closed up 0.010 at 113.370. Volume was 100% below average (consolidating) and Bollinger Bands were 35% wider than normal.
Open High Low Close Volume___
113.360 113.370 113.360 113.370 3
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 112.67 111.45 109.75
Volatility: 5 6 8
Volume: 92,442 100,041 104,967
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 3.3% above its 200-period moving average and is in an upward trend. Volatility is low 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 bullish on JPY= and have had this outlook for the last 15 periods.