{"id":2593,"date":"2009-06-22T09:28:55","date_gmt":"2009-06-22T14:28:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2593"},"modified":"2009-06-22T09:28:55","modified_gmt":"2009-06-22T14:28:55","slug":"usdjpy-balances-after-positive-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/22\/usdjpy-balances-after-positive-data\/","title":{"rendered":"USD\/JPY Balances after Positive Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY has recovered nicely along our 2nd tier uptrend line while experiencing declining volume to the downside, both encouraging developments for the uptrend.\u00a0 However, the currency pair still feels the pressure from its medium-term downtrend, and is being squeezed between our 2nd tier uptrend and downtrend lines.\u00a0 Meanwhile, the USD\/JPY\u2019s positive correlations are under selling pressure as it seems U.S. equities could be in for a pullback.\u00a0 The Dollar is appreciating across the board, and there is no reason to believe the USD\/JPY wouldn\u2019t participate.\u00a0 Investors are heading for safety with uncertainty creeping back into the market place concerning the sustainability of the global economic recovery.<\/p>\n

Today\u2019s economic data from Japan showed a large improvement in business conditions and outlook.\u00a0 It seems Japan\u2019s economy could finally be finding a bottom with manufacturers and exports adjusting to the concept of a weaker global aggregate demand.\u00a0 Coincidentally, the positive numbers from Japan are adding to the downward momentum in the USD\/JPY.\u00a0 The central banks of both the U.S. and Japan have their benchmark rates hovering just above zero while the nations participate in their respective alternative liquidity measures.\u00a0 Hence, any positive data from Japan combined with negative data from the U.S. results in an appreciation of the Yen against the Dollar.\u00a0 Regardless, the currency pair is hanging onto our 2nd tier uptrend line, and it will be interesting to see how it react reacts to the inflection point approaching.\u00a0 If the 2nd tier uptrend line fails, there\u2019s quite a ways down to our 1st tier uptrend line.\u00a0 Investors will be keeping a close eye on the S&P futures and how the futures deal with a retest of 900 should it occur.\u00a0 We maintain our negative outlook on the USD\/JPY trend-wise.<\/p>\n

Present Price: 96.00<\/p>\n

Resistances: 96.33, 96.90, 97.45, 97.58, 98.66<\/p>\n

Supports: 95.82, 95.20, 94.45, 93.76, 93.32<\/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 has recovered nicely along our 2nd tier uptrend line while experiencing declining volume to the downside, both encouraging developments for the uptrend.\u00a0 However, the currency pair still feels the pressure from its medium-term downtrend, and is being squeezed between our 2nd tier uptrend and downtrend lines.\u00a0 Meanwhile, the USD\/JPY\u2019s … <\/p>\n

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