{"id":1530,"date":"2009-04-23T10:12:05","date_gmt":"2009-04-23T15:12:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1530"},"modified":"2009-04-23T10:12:05","modified_gmt":"2009-04-23T15:12:05","slug":"usdjpy-daily-commentary-for-42309","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/23\/usdjpy-daily-commentary-for-42309\/","title":{"rendered":"USD\/JPY Daily Commentary for 4.23.09"},"content":{"rendered":"

By Fast Brokers<\/span><\/p>\n

The USD\/JPY is experiencing some solid support as bulls put up a fight around our 97.59 level.\u00a0 Economic recovery hopefuls aren\u2019t so eager to give up on their vision, and are doing what they can to prevent a retraction below our key 1st tier downtrend line.\u00a0 Therefore, even though the USD\/JPY is trading below our 1st tier uptrend line, the possibility of the currency pair continuing its battle with 100 isn\u2019t lost.\u00a0 That being said, despite the strong defense by the bulls, the USD\/JPY should ultimately follow its positive correlation with U.S. equities like the rest of the major dollar pairs.\u00a0 Hence, should the S&P futures collapse, the USD\/JPY may be inclined to follow suit, and vice versa.\u00a0 However, the Japanese economy is faring worse than America\u2019s right now, meaning any movements to the downside could be limited compared to those logged in U.S. equities.\u00a0 On the flip side, were the S&P futures to break out above 900 we could see investors making a larger commitment to risk-taking and consequently a 100-plus reality in the USD\/JPY.\u00a0 Investors will be keeping a close eye on earnings and forecasts coming from the major Japanese automakers over the next couple weeks.\u00a0 Weaker than expected performances from the automakers could help strengthen the USD\/JPY.\u00a0 Meanwhile, our 1st tier downtrend line still serves as a key cushion to the downside.\u00a0 Losses could accelerate should the currency pair dip beneath our 1st tier.\u00a0 Fundamentally, we hold our resistances of 98.56, 99.20, 99.79, 100.28, and 100.71.\u00a0 To the downside, we maintain our supports of 97.59, 97.11, 96.33, and 95.55 with fresh bottom-end of 95.04.\u00a0 The 100 level serves as a key psychological barrier with 95 acting as a psychological cushion.\u00a0 The USD\/JPY is currently exchanging at 98.12.<\/p>\n

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

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

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither 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 experiencing some solid support as bulls put up a fight around our 97.59 level. Economic recovery hopefuls…<\/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-1530","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1530","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=1530"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1530\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}