{"id":10257,"date":"2010-06-15T11:41:59","date_gmt":"2010-06-15T15:41:59","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10257"},"modified":"2010-06-15T11:41:59","modified_gmt":"2010-06-15T15:41:59","slug":"usdjpy-consolidates-despite-risk-rally-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/15\/usdjpy-consolidates-despite-risk-rally-2\/","title":{"rendered":"USD\/JPY Consolidates Despite Risk Rally"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; The USD\/JPY is continuing its consolidation, albeit an upwardly biased one, between 91-92 despite yesterday\u2019s solid risk rally.\u00a0 The EUR\/USD, Cable, and Aussie all logged substantial gains after the UK\u2019s budget office predicted a smaller than expected deficit.\u00a0 However, the risk rally fizzled at the end of the trading session after news hit the wires that Moody\u2019s lowered its rating on Greek debt to junk status.\u00a0 Meanwhile, the USD\/JPY has been stuck in a range-bound pattern after the early June rally stemming from the resignation of Naoto Kan.\u00a0 However, as we\u2019ve seen in the past, the USD\/JPY is prone to sharp, sudden movements following days of relative inactivity.\u00a0 Therefore, investors should be wary.\u00a0 It seems the USD\/JPY is waiting to see whether the new upward momentum in the risk trade can materialize into a more lasting trend.\u00a0 Hence, investors should keep a close eye on the ability of other major dollar pairs to break through key downtrend lines.\u00a0 Meanwhile, investors are waiting on the BoJ\u2019s first monetary policy decision with Kan as prime minister.\u00a0 Regardless, investors aren\u2019t expecting any drastic change in strategy with all central bankers monitoring activity in the EU.\u00a0 Speaking of which, keep a close eye on the EU news wires for any new developments.<\/p>\n<p>Technically speaking, the USD\/JPY faces multiple downtrend lines along with 6\/14 and 6\/4 highs.\u00a0 As for the downside, the USD\/JPY has technical supports in the form of multiple uptrend lines along with 6\/10 and 6\/1 lows.\u00a0 Additionally, the highly psychological 90 level should serve as a solid technical support should it be tested.<\/p>\n<p>Present Price: 91.56<br \/>\nResistances: 91.70, 91.80, 91.97., 92.11, 92.25, 92.39, 92.58<br \/>\nSupports:\u00a0 91.53, 91.38, 91.29, 91.13, 91, 90.86, 90.74, 90.62<br \/>\nPsychological:\u00a0 .90, .92, June highs and lows<\/p>\n<p><a href=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June15Yen.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June15Yen.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p>(click chart to enlarge)<\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/fastbrokers.com\/index.php?9f9043f9\" target=\"_blank\"><strong>Fast                                     Brokers<\/strong>.<\/a><\/p>\n<p><strong>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<p><strong>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":"<p>By Fast Brokers &#8211; The USD\/JPY is continuing its consolidation, albeit an upwardly biased one, between 91-92 despite yesterday\u2019s solid risk rally.\u00a0 The EUR\/USD, Cable, and Aussie all logged substantial gains after the UK\u2019s budget office predicted a smaller than expected deficit.\u00a0 However, the risk rally fizzled at the end of the trading session after &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/15\/usdjpy-consolidates-despite-risk-rally-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;USD\/JPY Consolidates Despite Risk Rally&#8221;<\/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-10257","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10257","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=10257"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10257\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}