{"id":2162,"date":"2009-05-28T09:04:49","date_gmt":"2009-05-28T14:04:49","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2162"},"modified":"2009-05-28T09:04:49","modified_gmt":"2009-05-28T14:04:49","slug":"usdjpy-daily-commentary-for-52809","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/05\/28\/usdjpy-daily-commentary-for-52809\/","title":{"rendered":"USD\/JPY Daily Commentary for 5.28.09"},"content":{"rendered":"

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

The USD\/JPY is making an encouraging move to the upside, running past our 1st tier downtrend line after Japan announced an asset deficit of roughly $6.61 billion.\u00a0 In other words, domestic investors purchased an excess of $6.61 worth of foreign assets, likely participating in the large U.S. Treasury auctions.\u00a0 This news indicates a boost in supply of the Yen, and is weakening the Japanese currency against equal interest bearing currencies such as the Dollar.\u00a0\u00a0 In addition to the asset purchase news, Japan reported a retail sales number 3 basis points above analyst expectations.\u00a0 Therefore, consumption of retail goods continues to climb back towards reasonable levels, showing consumer confidence is on the rise with the employment market stabilizing.<\/p>\n

It will be interesting to see if today\u2019s pop in the USD\/JPY receives significant volume.\u00a0 The currency pair faces several downtrend lines to the upside and will need considerable momentum to piece together a fundamental move.\u00a0 We can\u2019t forget that Tuesday\u2019s trade balance was far below analyst expectations, painting a mixed picture of the Japanese economy.\u00a0 Considering the downward forces bearing down on price, we maintain our bearish outlook on the USD\/JPY until we witness a fundamental shift to the upside.\u00a0 One thing is for certain, today\u2019s move is encouraging and brushes aside the topic of a rapidly appreciating Yen for the time being.<\/p>\n

Fundamentally, we find resistances of 96.90, 97.45, 97.98, 98.59, and 99.25.\u00a0 To the downside, we see supports of 96.33, 95.82, 95.12, 94.43, and 93.77.\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 96.84.<\/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 making an encouraging move to the upside, running past our 1st tier downtrend line…<\/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-2162","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2162","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=2162"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2162\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}