JPYBASKET EMAs Cross Down On The Hourly
The above chart show's FXCM's JPY index, the JPYBASKET. The left chart show's the daily time frame. Here the index is below its black 20-day SMA and the RSI is on the bearish side of 50 (blue rectangle). These are indicative of an underlying bearish momentum. The right chart show's the hourly time frame. Here the green 5-hour EMA is below the orange 10-hour EMA and the short-term RSI has moved below 50. If the EMAs continue to show angle and separation, the index is likely declining.
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