{"id":10294,"date":"2010-06-16T11:43:48","date_gmt":"2010-06-16T15:43:48","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10294"},"modified":"2010-06-16T11:43:48","modified_gmt":"2010-06-16T15:43:48","slug":"usdjpy-continues-to-move-sideways","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/16\/usdjpy-continues-to-move-sideways\/","title":{"rendered":"USD\/JPY Continues to Move Sideways"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is continuing its consolidation between 91-92 despite broad based gains in the risk trade.\u00a0 Although the BoJ kept its benchmark rate unchanged the central bank announced a special loans program for commercial banks aimed at stimulating specific growth sectors.\u00a0 Meanwhile, Prime Minister Kan seems to be setting the ground for tax hikes and\/or other measures for reducing Japan\u2019s expanding debt.\u00a0 Japanese citizens seemed satisfied so far with Kan\u2019s approach even though the new PM is in the waking hours of his reign.\u00a0 He still hasn\u2019t dealt with the issue of where to put America\u2019s military base which is what ran Hatoyama out of office.\u00a0 Therefore, we\u2019ll have to wait and see how Kan fares after next month\u2019s upper house election.\u00a0 Getting back to fundamentals, Japan\u2019s tertiary industry figure came in 4 basis points below analyst expectations.\u00a0 Therefore, even though business spending made an encouraging improvement last month, analysts may not be too pleased with the figure.\u00a0 Meanwhile, all eyes are on the EU after rumors spread that the IMF and U.S. Treasury are working on a $350 billion line of liquidity for Spain.\u00a0 Though unverified, the rumors are weighing a bit on the risk trade regardless.\u00a0 Key data will be coming from the U.S. tomorrow, including CPI, the Philly Index, and weekly unemployment claims.\u00a0 Even though the USD\/JPY has been stuck in a narrow trading range for quite some time now, investors should keep in mind that the currency pair is prone to sudden and sharp movements after periods of hibernation.<\/p>\n

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

Present Price: 91.34
\nResistances: 91.45, 91.58, 91.70, 91.85, 91.97., 92.11, 92.25
\nSupports:\u00a0 91.24, 91.13, 91, 90.86, 90.74, 90.62, 90.50, 90.31
\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.<\/a><\/strong><\/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 – The USD\/JPY is continuing its consolidation between 91-92 despite broad based gains in the risk trade.\u00a0 Although the BoJ kept its benchmark rate unchanged the central bank announced a special loans program for commercial banks aimed at stimulating specific growth sectors.\u00a0 Meanwhile, Prime Minister Kan seems to be setting the ground … <\/p>\n

Continue reading “USD\/JPY Continues to Move Sideways”<\/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-10294","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10294","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=10294"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10294\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}