The Greedy Trader Weekly Analysis
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Weekly Pattern:Rising Wedge
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Rising Wedge Pattern (Ascending Wedge)

Rising Wedge Chart PatternA Rising Wedge pattern also known as Ascending Wedge pattern is one of the most reliable, low-risk, and high-reward chart pattern. A Rising Wedge (Ascending Wedge) pattern is a triangle formation with noticeable slant to the upside. The line that connects the bottoms of the formation represents a support trend line. The resistance trend line connects the formation's tops. The Rising Wedge pattern is valid when the price touched both the support and resistance lines alternatively at least tree times. Unlike the Rising Channel formation, where support and resistance lines are parallel, in a Rising Wedge formation the support line is noticeably steeper than the resistance line. A Rising Wedge represents the loss of the upside momentum and has a bearish bias.

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- 3/15/2024 -
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CurrencyShares Japanese Yen Trust (FXY) Technical Analysis

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Summary:
Weekly :Broken trend resistance lineLane's Stochastic is oversoldWeekly  MACD line has moved above its signal line
Daily :The price has fallen below the Parabolic SARPrice has crossed below the 50 Day Moving AverageThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the CurrencyShares Japanese Yen Trust (FXY). During the week, the FXY dropped -0.84 points, or -1.33%, and closed at 62.16 on Friday, March 15, 2024. It was the worst weekly loss since January 19, 2024. Weekly volume was 101% above average.

Long-term trend: [See FXY long-term trend chart]
A long-term downtrend had started on March 9, 2020 at 93.23 and reached 61.09 on November 13, 2023. FXY lost 32.14 points, or 34.47%, in 192 weeks. The chart has formed a Descending Triangle chart pattern. The trend support level is at 60.93 and resistance is at 64.76. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a long-term trend.

Medium-term trend: [See FXY medium-term trend chart]
A medium-term downtrend had started on December 28, 2023 at 66.12 and reached 61.40 on February 13, 2024. FXY lost 4.72 points, or 7.14%, in 6 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (59.98) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See FXY weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.

Short-term trend: [See FXY short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 61.40 and reached 63.14 on March 11, 2024. FXY gained -1.74 points, or -2.83%, in 27 days. The price is now at the 56.32% retracement level.

Daily Technical Indicators: [See FXY daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since February 26, 2024. This is an indication that the short-term trend is up.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.93
Williams' Percentage Range (W%R) 52.00
Lane's Stochastic (%D-Slow) 66.86
Greed/Fear Indicator (GFI) 58.58
Moving Average Converg./Diverg. (MACD) -0.05
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 39.73
Williams' Percentage Range (W%R) 76.90
Lane's Stochastic (%D-Slow) 15.15
Oversold
Greed/Fear Indicator (GFI) 26.32
Moving Average Converg./Diverg. (MACD) -0.63
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 64.76
Upper Bollinger Band 63.31
Parabolic System 63.20
Daily Stochastic Crossing 62.65
50 Day Moving Average 62.50
Price 62.16
20 Day Moving Average 62.01
Weekly Stochastic Crossing 61.79
Lower Bollinger Band 61.22
Quarterly Trendline Support 60.93
Monthly Trendline Resistance 60.15
Monthly Trendline Support 59.98
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 63.14
High Date 03/11/2024
Low 62.12
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 61.40
Low Date 02/13/2024
High 63.14
High Date 03/11/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 60.15
Support 59.98
High 66.12
High Date 12/28/2023
Low 61.40
Low Date 02/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Valid
Resistance 64.76
Support 60.93
High 93.23
High Date 03/09/2020
Low 61.09
Low Date 11/13/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 96.75
High Date 08/18/2016
Low 61.09
Low Date 11/13/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.