{"id":2456,"date":"2009-06-12T10:33:48","date_gmt":"2009-06-12T15:33:48","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2456"},"modified":"2009-06-12T10:33:48","modified_gmt":"2009-06-12T15:33:48","slug":"usdjpy-blocked-by-our-3rd-tier-downtrend-line-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/12\/usdjpy-blocked-by-our-3rd-tier-downtrend-line-2\/","title":{"rendered":"USD\/JPY Blocked by our 3rd Tier Downtrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY continues to hit a brick wall at our 3rd tier downtrend line, revealing the significance of the obstacle.\u00a0 Investors were ambivalent about a better than expected Final GDP from Japan, and the USD\/JPY is creeping back into its downtrend as U.S. equities rise.\u00a0 Hence, we are witnessing the theme of a broad based depreciation of the Dollar once again.\u00a0 Though movement in the USD\/JPY is less extreme, its recent tendency to have a negative correlation with the GBP\/USD and EUR\/USD says wonders.\u00a0 Hypothetically, the USD\/JPY should be rising with equities due to the global economic recovery taking place.\u00a0 However, the USD\/JPY\u2019s tendency to head south with rising equities shows us there is rampant concern surrounding the greenback.\u00a0 Furthermore, the longer the Yen trades at a relatively appreciated level, the longer Japanese exporters and manufacturers will struggle.\u00a0 We could see the USD\/JPY remain within its trading range developed over the past few months until our downtrend lines finally collide with price.\u00a0 By then, the USD\/JPY will likely be forced to make another directional decision.\u00a0 As for now, the medium-term downtrend is in place and will remain so until we see a game-changing move to the upside.<\/p>\n

Present Price: 98.18<\/p>\n

Resistances: 97.98, 98.66, 99.49, 100.06, 100.74<\/p>\n

Supports: 97.45, 96.90, 96.33, 95.82, 95.20<\/p>\n

Psychological: 95, 100<\/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 continues to hit a brick wall at our 3rd tier downtrend line, revealing the significance of the obstacle.\u00a0 Investors were ambivalent about a better than expected Final GDP from Japan, and the USD\/JPY is creeping back into its downtrend as U.S. equities rise.\u00a0 Hence, we are witnessing the theme … <\/p>\n

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