{"id":1601,"date":"2009-04-28T11:00:29","date_gmt":"2009-04-28T16:00:29","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1601"},"modified":"2009-04-28T11:00:29","modified_gmt":"2009-04-28T16:00:29","slug":"usdjpy-daily-commentary-for-42809","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/28\/usdjpy-daily-commentary-for-42809\/","title":{"rendered":"USD\/JPY Daily Commentary for 4.28.09"},"content":{"rendered":"

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

The USD\/JPY has dropped below our previous 1st tier trend line, and this should be a great cause of concern for the bulls.\u00a0 We could really see the selloff pickup speed today as investors sprint towards the Dollar and Yen for safety from the Swine Flu.\u00a0 Our previous 1st tier uptrend line and 1st tier downtrend lines are reaching an inflection point today, creating a perfect storm for the USD\/JPY.\u00a0 The all around strength of the Yen comes despite an extremely negative economic outlook from Japan.\u00a0 Japan sees industrial production and exports declining 23.4% and 27.6% in the fiscal year vs. previous estimates of 4.8% and 3.2% declines, respectively.\u00a0 Not to mention Japan foresees a 3.3% drop in GDP and an unemployment rate of 5.2%.\u00a0 To make matters worse, Japan expected the CPI to drop much more than expected with deflation taking control of prices.\u00a0 These are horrible numbers folks, and they show the global economic crisis may be far from over.\u00a0 One might expect the Dollar to appreciate on the news of the Japanese economy worsening since the currency pair is being priced on the comparative economic performance between the two nations.\u00a0 However, investors are showing the estimates from Japan imply the U.S. will have its fair share trouble as well.\u00a0 The plummeting level of exports only highlights the economic struggles of America. The downtrend seems to be in the driver\u2019s seat right now and we have a negative outlook on the USD\/JPY.<\/p>\n

Fundamentally, we find resistances of 97.11, 97.98, 98.56, 99.20, and 99.79.\u00a0 To the downside, we see supports of 96.33, 95.55, 95.04, 94.48, and 93.57.\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 96.15.<\/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 has dropped below our previous 1st tier trend line, and this should be a great cause of concern for the bulls…<\/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-1601","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1601","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=1601"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1601\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}