{"id":10337,"date":"2010-06-17T08:22:24","date_gmt":"2010-06-17T12:22:24","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10337"},"modified":"2010-06-17T08:22:24","modified_gmt":"2010-06-17T12:22:24","slug":"usdjpy-edges-lower-despite-pop-in-risk","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/17\/usdjpy-edges-lower-despite-pop-in-risk\/","title":{"rendered":"USD\/JPY Edges Lower Despite Pop in Risk"},"content":{"rendered":"

By Fast Brokers <\/strong>– The USD\/JPY is still in hibernation and edging lower towards 91 despite another solid pop in the EUR\/USD.\u00a0 The USD\/JPY\u2019s lack of participation to the topside amidst the recent risk rally is a bit disconcerting since they are normally positively correlated.\u00a0 However, the USD\/JPY is still range bound and the currency pair could move in either direction, so we will have to wait and see how conditions in the FX markets develop.\u00a0 News has been light out of Japan today as investors await next month\u2019s upper house elections.\u00a0 Focus remains on the EU as Spain fights investor uncertainty by announcing it will release the results from its bank stress tests.\u00a0 Additionally, EU leaders are meeting for a one day summit in an effort to exemplify an essence of coordination throughout the union while shoring up investor confidence.\u00a0 However, tripwires are still on the ground as the gap between Spanish and German bond yields reach all-time highs.\u00a0 Attention will shift to the U.S. later as earnings trickle in and the government releases CPI, Philly Index, and weekly unemployment claims data.\u00a0 If the U.S. data set comes in positive this should help buoy the USD\/JPY.\u00a0 The BoJ will release its monetary policy meeting minutes tomorrow and it will be interesting to see if the central bank addresses the government\u2019s deflation concerns.\u00a0 The data wire will be relatively quiet around the globe tomorrow, meaning the FX markets will likely be driven by today\u2019s U.S. data and any psychological developments in the EU.<\/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: 91.22
\nResistances: 91.45, 91.58, 91.70, 91.85, 91.97., 92.11, 92.25
\nSupports:\u00a0\u00a0 91.13, 91, 90.86, 90.74, 90.62, 90.50, 90.31, 90.20
\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 still in hibernation and edging lower towards 91 despite another solid pop in the EUR\/USD.\u00a0 The USD\/JPY\u2019s lack of participation to the topside amidst the recent risk rally is a bit disconcerting since they are normally positively correlated.\u00a0 However, the USD\/JPY is still range bound and the currency … <\/p>\n

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