{"id":2023,"date":"2009-05-19T12:55:47","date_gmt":"2009-05-19T17:55:47","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2023"},"modified":"2009-05-19T12:55:47","modified_gmt":"2009-05-19T17:55:47","slug":"usdjpy-daily-commentary-for-51909","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/19\/usdjpy-daily-commentary-for-51909\/","title":{"rendered":"USD\/JPY Daily Commentary for 5.19.09"},"content":{"rendered":"<p><span style=\"color: #888888;\">By Fast Brokers<\/span><\/p>\n<p>The USD\/JPY exercised its positive correlation with U.S. equities yesterday, popping nicely back above the psychological 95.00 level while avoiding our 1st tier uptrend line.\u00a0 However, the currency pair is backing away from our 1st tier downtrend line as yesterday\u2019s volume failed to impress.\u00a0 Meanwhile, the USD\/JPY remains lodged in its downtrend line while not participating in the recent surge of U.S. equities like the EUR\/USD and GBP\/USD.\u00a0 Therefore, the USD\/JPY is sending a message of continual relative weakness in the Japanese economy despite improvement in Core Machinery Orders, a forward looking economic indicator.\u00a0 Investors will get a clearer picture later in Wednesday\u2019s session with Japan announcing Prelim GDP.\u00a0 Analysts are anticipating further deterioration in Japan\u2019s GDP, and a surprise in either direction could certainly be a market mover as far as the USD\/JPY is concerned.<\/p>\n<p>We maintain our bearish outlook trend-wise on the USD\/JPY due to the downward inclination of the currency pair technically and fundamentally.\u00a0 The USD\/JPY has failed to destroy the psychological 100 level on several attempts while dropping below all of our downtrend lines.\u00a0 The USD\/JPY is at the bottom of its right shoulder, meaning a critical juncture for the currency pair could be approaching with key economic data on the way.\u00a0 March 18 lows and our 1st tier uptrend line are keys fundamentally.\u00a0 If these don\u2019t hold then we could witness accelerated losses.\u00a0 On a positive note, our 1st tier uptrend line is intact with another possible uptrend line should this one be broken.\u00a0 Therefore, if today\u2019s Prelim GDP should come in better than expected and the S&amp;P rally strongly above 900, we could see a fundamental turnaround in the USD\/JPY.\u00a0 However, the same difficult fundamental obstacles remain to the upside should any encouraging upswing occur, limiting near-term gains.<\/p>\n<p>Fundamentally, we find resistances of 96.33, 97.32, 97.98, 98.67, and 99.20.\u00a0 To the downside, we see supports of 95.58, 95.12, 94.50, 93.66, and 92.71.\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 96.10.<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/5_19yen.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/5_19yen.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 exercised its positive correlation with U.S. equities yesterday, popping nicely back above&#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-2023","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2023","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=2023"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2023\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}