{"id":1797,"date":"2009-05-06T09:57:09","date_gmt":"2009-05-06T14:57:09","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1797"},"modified":"2009-05-06T09:57:09","modified_gmt":"2009-05-06T14:57:09","slug":"usdjpy-daily-commentary-for-5609","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/06\/usdjpy-daily-commentary-for-5609\/","title":{"rendered":"USD\/JPY Daily Commentary for 5.6.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The USD\/JPY is filling out the right shoulder of the head and shoulders pattern we pointed out on Monday.\u00a0 The light volume has disabled the currency pair from climbing past our 3rd tier downtrend line.\u00a0 However, our 2nd tier uptrend line is still in place, and should remain so until we see a pickup in activity in U.S. equities with important economic data and stress test Thursday on the way.\u00a0 Therefore, the USD\/JPY is waiting for the S&amp;P to make its first move.\u00a0 If U.S. markets react positively to the next 48 hours of news and the S&amp;P can distance itself from 900, we could see the USD\/JPY exercise its positive correlation and re-approach 100 on heavy volume.\u00a0 To the downside, our 97.11 support and April lows serve as key supports.\u00a0 If these cushions don\u2019t hold, then we could witness the pullback accelerate.\u00a0 In all, investors should keep a close eye on U.S. equities to see if they can follow through on their rally.\u00a0 We maintain our bullish stance trend wise on the USD\/JPY unless the aforementioned cushions give way.<\/p>\n<p>Fundamentally, we find resistances of 98.76, 99.20, 99.79, 100.56, and 101.43.\u00a0 To the downside, we see supports of 97.98, 97.32, 96.33, 95.58, and 94.97.\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 98.26.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/5_6yen.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/5_6yen.gif\" alt=\"\" width=\"595\" height=\"500\" \/><\/a><\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?PL080\" target=\"_blank\"><span style=\"text-decoration: underline;\"><strong>Fast Brokers<\/strong><\/span><\/a>.<\/p>\n<p><strong>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<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; The USD\/JPY is filling out the right shoulder of the head and shoulders pattern we pointed out on Monday&#8230;<\/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-1797","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1797","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=1797"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1797\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}