[B]*** Intra-Daily Trading Strategy: SELL US Dollar / Japanese Yen
Sell Target: 102.5723
Sell Stop: 102.7557
Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price.
(NOTE: Adjust Stop Loss Price according to your trading risk.)
Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!![/B]
US Dollar / Japanese Yen broke below the up trendline at 101.97, eleven days ago. This is a bearish sign. This up trendline, currently with an ending point at 103.48, now provide upside resistance. Prices only declined 0.65% since the breakout.
A white body has formed as prices closed higher than open.
The previous 10 candlestick bars, there are 8 white candles versus 2 black candles with a net of 6 white candles.
The previous 50 candlestick bars, there are 32 white candles versus 18 black candles with a net of 14 white candles.
A spinning top has formed which 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.
MACD is BULLISH as the MACD is above the signal line. The MACD crossed above the signal line 1 period(s) ago. Since the MACD crossed the MACD moving average, US Dollar / Japanese Yen’s price has increased 0.02%, and has been fluctuating from a high of 102.721 to a low of 102.409. MACD is not Overbought or Oversold.
Stochastic signal was a Buy 5 Period(s) Ago.
ADX is currently below both Plus and Minus Directional indicators and Directional Movement Indicators (DMI) currently is not indicating a specific price direction.
SAR signal was a Sell 11 period(s) ago.
The close is currently
ABOVE its 200 daily moving average
ABOVE its 50 daily moving average
ABOVE its 20 daily moving average
The current market condition for US Dollar / Japanese Yen is Very Bullish
US Dollar / Japanese Yen closed below the upper Bollinger Band by 48.7%. Bollinger Bands are 14.33% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.
An Inside Day Narrow Range was detected by your Elliott Waves High Volatility on 23/04/14. This is usually a trade set-up opportunity.
The present wave patterns are:
fast amplitude (8%): bullish wave 5
moderate amplitude (13%): bullish wave 1
normal amplitude (21%): bullish wave 1
US Dollar / Japanese Yen is long term Bullish as the 144 days moving average of 101.61 is increasing. The Relative Strength Index is at 52.64 in the neutral territory. The Relative Momentum Index is at 51.50 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at 0.06, in positive territory; this is a bullish sign. An equally important indicator, the STORSI is at 97.06. This value is in the overbought territory.
US Dollar / Japanese Yen is currently 1.7% 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. Trend forecasting oscillators are currently bearish on USDJPY and have had this outlook for the last 8 periods.
[B]Technical Outlook [/B]
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish