{"id":1926,"date":"2009-05-12T10:33:04","date_gmt":"2009-05-12T15:33:04","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1926"},"modified":"2009-05-12T10:33:04","modified_gmt":"2009-05-12T15:33:04","slug":"usdjpy-daily-commentary-for-51209","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/12\/usdjpy-daily-commentary-for-51209\/","title":{"rendered":"USD\/JPY Daily Commentary for 5.12.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The USD\/JPY continues to fill out its right shoulder on discouraging volume.\u00a0 The fact volume hasn\u2019t picked up is limiting the ability of the USD\/JPY to propel through the top of its right shoulder towards 100.\u00a0 The USD\/JPY is mysterious since it still hasn\u2019t participated in the broad equity rally, serving as the cautionary flag among economic recovery optimists.\u00a0 Normally positively correlated, the fact the USD\/JPY hasn\u2019t followed suit is disconcerting.\u00a0 The USD\/JPY snuck below our 2nd tier downtrend line and is playing with fire.\u00a0 If April lows don\u2019t hold then we could see a sizeable near-term selloff.\u00a0 However, we recognize the significance of 100, and putting this level in the rear-view mirror would symbolize full investor confidence in a broad, global economic recovery.\u00a0 Due to the mixed performance of the USD\/JPY, we have a neutral stance.<\/p>\n<p>Japan has a couple news events this week, including BOJ Governor Shirakawa addressing the public on Wednesday followed by Core Machinery Orders on Thursday.\u00a0 Core Machinery Orders showed significant improvement with a surprise to the upside last month, so it will be interesting to see if the data point can continue to show improvement.\u00a0 Since Core Machinery Orders are forward-looking and indicative of the outlook of Japanese exporters and manufacturers, this release could be a market-mover.<\/p>\n<p>Fundamentally, we maintain resistances of 97.32, 97.98, 98.67, 99.20, and 99.79.\u00a0 To the downside, we see supports of 96.33, 95.58, 95.12, 94.50, and 93.66.\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 97.09.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/5_12yen.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/5_12yen.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 continues to fill out its right shoulder on discouraging volume.  The fact volume hasn\u2019t picked&#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-1926","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1926","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=1926"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1926\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}