{"id":10026,"date":"2010-06-07T11:17:19","date_gmt":"2010-06-07T15:17:19","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10026"},"modified":"2010-06-07T11:17:19","modified_gmt":"2010-06-07T15:17:19","slug":"usdjpy-sinks-with-risk-trade","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/07\/usdjpy-sinks-with-risk-trade\/","title":{"rendered":"USD\/JPY Sinks with Risk Trade"},"content":{"rendered":"

By Fast Brokers<\/strong> – As expected, finance minister Kan has taken over the prime minister position for the time being.\u00a0 This has brought some relief to yen bulls since Kan\u2019s fiscal conservatism quells investor uncertainty.\u00a0 However, upper house elections are on the way and political events could continue to cause intermittent headwinds in major yen pairs over the next month.\u00a0 Regardless, the yen\u2019s safe haven status appears intact during moments of elevated investor uncertainty.\u00a0 News spread that Hungary could be the next Greece after the new government revealed previous budget reports were inaccurate and Hungary\u2019s deficit is actually much larger than reported.\u00a0 Additionally, U.S. employment data disappointed investors, only adding to anxiety and sending the risk trade tumbling across the board.\u00a0 The USD\/JPY followed suit, though the currency pair\u2019s new uptrend is still in place from a technical standpoint.\u00a0 Next week\u2019s data wire will be quiet until Wednesday\u2019s core machinery orders number.\u00a0 Additionally, the BoE and ECB will make monetary policy decisions on Thursday.\u00a0 Meanwhile, psychological forces should be driving the FX markets until then.\u00a0 That being said, investors should keep an active eye on the news wires since conditions in the EU are still unstable.<\/p>\n

Technically speaking, the USD\/JPY faces multiple downtrend lines along with 6\/4 and 5\/19 highs.\u00a0 As for the downside, the USD\/JPY has technical supports in the form of multiple uptrend lines along with 6\/4 and 6\/1 lows.\u00a0 Additionally, the highly psychological 90 level should serve as a solid technical support should it be tested.<\/p>\n

Present Price: 91.69
\nResistances: 91.80, 91.97., 92.11, 92.25, 92.39, 92.58
\nSupports:\u00a0 91.63, 91.53, 91.38, 91.29, 91.13, 91, 90.86
\nPsychological:\u00a0 .90, .92, June highs and lows<\/p>\n

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong>.<\/a><\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regarded neither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – As expected, finance minister Kan has taken over the prime minister position for the time being.\u00a0 This has brought some relief to yen bulls since Kan\u2019s fiscal conservatism quells investor uncertainty.\u00a0 However, upper house elections are on the way and political events could continue to cause intermittent headwinds in major yen … <\/p>\n

Continue reading “USD\/JPY Sinks with Risk Trade”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10026","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10026"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10026\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}