{"id":2144,"date":"2009-05-27T09:12:44","date_gmt":"2009-05-27T14:12:44","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2144"},"modified":"2009-05-27T09:12:44","modified_gmt":"2009-05-27T14:12:44","slug":"usdjpy-daily-commentary-for-52709","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/27\/usdjpy-daily-commentary-for-52709\/","title":{"rendered":"USD\/JPY Daily Commentary for 5.27.09"},"content":{"rendered":"

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

The USD\/JPY is rebounding nicely from our 2nd tier uptrend line and critical March 18 lows despite the tensions surrounding North Korea.\u00a0 Additionally, investors are brushing aside a much worse than expected Japanese Trade Balance coupled with a large downward revision in April\u2019s release.\u00a0 Japan\u2019s negative Trade Balance shows global consumption may not be recovering as quickly as investors are pricing in.\u00a0 Furthermore, exports to China could be slowing, indicating China\u2019s economy may not be as strong as thought.\u00a0 An overall appreciated Yen is really taking its toll on demand for Japanese exports.\u00a0 However, before we read too far into the Trade Balance, we can\u2019t forget Core Machinery Orders are rising at an encouraging pace.\u00a0 Therefore, Japan\u2019s forward-looking economic performance is looking up.\u00a0 Japan will release Retail Sales later in Wednesday\u2019s session, giving investors a better idea of the state of the nation\u2019s economy.<\/p>\n

Meanwhile, the USD\/JPY remains lodged between our 2nd tier uptrend line and 1st tier downtrend lines.\u00a0 The pressure is still clearly applied to the downside with 5 downtrend lines and the critical 100 level bearing overhead.\u00a0 Every recent near-term pop has been accompanied by disappointing volume, showing the bulls lack conviction.\u00a0 The USD\/JPY has neglected its positive correlation with U.S. equities as of late, preferring to participate in the broad depreciation of the Dollar.\u00a0 March 18 lows and our 2nd tier uptrend line continue to play a key defensive role.\u00a0 If these cushions don\u2019t hold, we could see the downturn pick up speed towards our 1st tier uptrend line.\u00a0 The line of defense is running thin, meaning the Yen is on the cusp of a rapid appreciation against the Dollar.\u00a0 Therefore, a large near-term pop backed by sizeable volume is sorely needed to keep the weak near-term uptrend alive.\u00a0 We maintain our bearish outlook trend-wise due to the aforementioned reasons.<\/p>\n

Fundamentally, we find resistances of 95.88, 96.33, 96.90, 97.32, and 97.98.\u00a0 To the downside, we see supports of 95.12, 94.51, 93.66, 92.75, and 92.07.\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 95.26.<\/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 is rebounding nicely from our 2nd tier uptrend line and critical March 18 lows despite…<\/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-2144","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2144","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=2144"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2144\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}