USD/JPY DAILY as of Friday, 28 June, 2013

A Daily white body has formed (because prices closed higher than they opened).

For the past 10 Daily candlestick bars as of 28/06/2013, there are 8 white candles versus 2 black candles with a net of 6 white candles.

For the past 50 Daily candlestick bars as of 28/06/2013, there are 27 white candles versus 23 black candles with a net of 4 white candles.

MACD is currently BULLISH. The MACD is currently above the signal line. The MACD crossed above the signal line 3 period(s) ago.  Since the MACD crossed the MACD moving average, US Dollar / Japanese Yen's price has increased 0.78%, and has fluctuate from a high of 98.958 to a low of 97.064.

Stochastic Oscillator is currently above 80. This is an indication of an "overbought" condition. There were no Stochastic Buy or Sell signals generated today. Stochastic signal was a Buy 7 Period(s) Ago.

RSI has just reached its highest value in the last 14 period(s). This is BULLISH signal.

SAR signal was a Buy 7 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 29.9%.  Bollinger Bands are 41.38% wider than normal.   The large width of the Bollinger Bands suggest high volatility as compared to US Dollar / Japanese Yen's normal range.  Therefore, the probability of volatility decreasing and prices entering (or remaining in) a trading range has increased for the near-term.  The  Bollinger bands have been in this wide range for 15 period(s).  The probability of prices consolidating into a less volatile trading range increases the longer the Bollinger Bands remain in this wide range. 

US Dollar / Japanese Yen broke above the upside resistance level of 96.97, 6 day(s) ago.  This is a bullish sign.  This previous resistance level of 96.97 may now provide downside support. And with prices having only risen 1.87% since the breakout, the validity of the breakout is questionable.


Please note that all wave counts are based on the high low price in this commentary!


Elliott Waves High Volatility has detected a Gann Swing or Pullback that is usually a bullish pattern

The present wave patterns are:

fast amplitude (8%): bullish wave 4

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 94.29 is increasing. The Relative Strength Index is at 53.50 in the neutral territory. The Relative Momentum Index is at 49.29 in the neutral territory. An important indicator for Elliott waves, the Elliott oscillator is at -0.01, in negative territory; this is a bearish sign. An equally important indicator, the STORSI is at 95.65. This value is in the overbought territory.


 *** Intra-Daily Trading Strategy: SELL USDJPY

Sell Target: 98.5127  

Sell Stop:    99.3613

Enter New SELL on OPEN and exit SELL positions at Target price or at Stop price.

(PLEASE TAKE NOTE: If necessary, adjust the Stop Loss Price according to your trading risk.)

Do not reverse after exiting as Trending & Anti-Trending mode are being used by this system.

This is a recommendation for INTRA-DAY TRADING only!!!!!



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