{"id":1820,"date":"2009-05-07T11:47:51","date_gmt":"2009-05-07T16:47:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1820"},"modified":"2009-05-07T11:47:51","modified_gmt":"2009-05-07T16:47:51","slug":"usdjpy-daily-commentary-for-5709","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/07\/usdjpy-daily-commentary-for-5709\/","title":{"rendered":"USD\/JPY Daily Commentary for 5.7.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The USD\/JPY is trying to wrestle free of its right shoulder with the S&amp;P running past 900.\u00a0 While the USD\/JPY has managed to stay above our 2nd tier uptrend line, the currency pair continues to have issues with our 3rd tier downtrend line.\u00a0 The USD\/JPY is exhibiting a textbook, upward sloping head and shoulders pattern, meaning it will need significant volume to climb past May highs towards the highly psychological 100 level.\u00a0 100 remains a heavy burden on the bull trend, showing investors will need to be certain of an economic recovery if they are to send the USD\/JPY beyond this level and 2009 highs.\u00a0 That being said, our critical 5th tier downtrend line is slowly creeping towards present price.\u00a0 If the USD\/JPY can hold on and climb above the 5th tier, near-term gains could accelerate.\u00a0 However, a lot can happen between now and then.\u00a0 We maintain our positive outlook on the USD\/JPY since the momentum remains to the upside while the currency pair only has a couple barriers standing between it and large gains.\u00a0 Japan will release its monetary policy meeting minutes late in Thursday\u2019s session, giving investors a peak at the BOJ\u2019s view of the state of Japan\u2019s economy.<\/p>\n<p>Fundamentally, we maintain resistances of 99.20, 99.79, 100.56, and 101.43 with fresh top-end hanging at 102.14.\u00a0 To the downside, we see supports of 98.67, 97.98, 97.32, 96.33, and 95.58.\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 99.13.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/5_7yen.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/5_7yen.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 trying to wrestle free of its right shoulder with the S&#038;P running past 900.  While the USD\/JPY has managed&#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-1820","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1820","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=1820"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1820\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}