{"id":10452,"date":"2010-06-22T12:36:35","date_gmt":"2010-06-22T16:36:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10452"},"modified":"2010-06-22T12:36:35","modified_gmt":"2010-06-22T16:36:35","slug":"usdjpy-dips-following-kans-budget-plans","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/22\/usdjpy-dips-following-kans-budget-plans\/","title":{"rendered":"USD\/JPY Dips Following Kans Budget Plans"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; Kan preceded Osborne today by announcing Japan\u2019s own plans for reducing its huge budget deficit.\u00a0 Japan will cap annual spending and plans on balancing the budget within 10 years while reducing bond issuance.\u00a0 Hence, fiscal austerity is now stretching to the East and the Yen strengthened on the news.\u00a0 However, the initial reaction from ratings agencies has been far from encouraging since Japan\u2019s austerity plan lacks details and conviction.\u00a0 On the other hand, Kan may be waiting until next month\u2019s upper house elections conclude before revealing more specifics.\u00a0 Meanwhile, the USD\/JPY is also facing headwinds from a declining Euro as investors lock in profits from this month\u2019s risk rally.\u00a0 Investors are currently awaiting existing home sales data from the U.S.\u00a0 Although Japan will be quiet on the wire tomorrow, the EU will print its flash PMI data set along with the UK\u2019s BoE meeting minutes and the Fed\u2019s monetary policy decision.\u00a0 Hence, there will be several fundamental and psychological factors impacting the FX markets over the next 24-48 hours.<\/p>\n<p>Technically speaking, the USD\/JPY faces multiple downtrend lines along with 6\/21 and 6\/16 highs.\u00a0 As for the downside, the USD\/JPY has technical supports in the form of multiple uptrend lines along with intraday and 5\/26 lows.\u00a0 Additionally, the highly psychological 90 level should serve as a solid technical support should it be tested.<\/p>\n<p>Present Price: 90.67<br \/>\nResistances: 90.74, 90.86, 91, 91.13, 91.34., 91.48, 91.70, 91.85<br \/>\nSupports:\u00a0\u00a0 90.63, 90.50 90.31, 90.20, 90.05, 89.90, 89.77, 89.55<br \/>\nPsychological:\u00a0 .90, .92, June highs and lows<\/p>\n<p><a href=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June22Yen.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.fastbrokers.com\/commentary\/image\/June22Yen.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 <strong><a href=\"http:\/\/fastbrokers.com\/index.php?9f9043f9\" target=\"_blank\">Fast                                        Brokers.<\/a><\/strong><\/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; Kan preceded Osborne today by announcing Japan\u2019s own plans for reducing its huge budget deficit.\u00a0 Japan will cap annual spending and plans on balancing the budget within 10 years while reducing bond issuance.\u00a0 Hence, fiscal austerity is now stretching to the East and the Yen strengthened on the news.\u00a0 However, the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/22\/usdjpy-dips-following-kans-budget-plans\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;USD\/JPY Dips Following Kans Budget Plans&#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-10452","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10452","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=10452"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10452\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}