Shares of FXY Now Oversold
In trading on Wednesday, shares of the Invesco CurrencyShares Japanese Yen Trust ETF (Symbol: FXY) entered into oversold territory, changing hands as low as $57.08 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of Invesco CurrencyShares Japanese Yen Trust, the RSI reading has hit 29.1 — by comparison, the RSI reading for the S&P 500 is currently 52.7. A bullish investor could look at FXY's 29.1 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), FXY's low point in its 52 week range is $57.045 per share, with $64.405 as the 52 week high point — that compares with a last trade of $57.07. Invesco CurrencyShares Japanese Yen Trust shares are currently trading down about 0.2% on the day.
Find out what 9 other oversold stocks you need to know about »
Further FXY Research:
