{"id":2614,"date":"2009-06-23T10:37:46","date_gmt":"2009-06-23T15:37:46","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2614"},"modified":"2009-06-23T10:37:46","modified_gmt":"2009-06-23T15:37:46","slug":"usdjpy-edges-below-our-heavily-weighted-2nd-tier-uptrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/06\/23\/usdjpy-edges-below-our-heavily-weighted-2nd-tier-uptrend-line\/","title":{"rendered":"USD\/JPY Edges below our Heavily-Weighted 2nd Tier Uptrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is clawing back towards our 2nd tier uptrend line after dipping below for the 4th time in the past month.\u00a0 However, volume cooled to the downside and bulls came to the defense of the currency pair.\u00a0 Even though volume didn\u2019t match the potential significance of the movement, this contraction below our 2nd tier was still larger than the previous three.\u00a0 Therefore, we\u2019ll keep a close eye on volume and price over the next 24 hours, especially since we have several trend lines approaching their respective inflection points.\u00a0 In the mean time, Japan will release two more data points, including its corporate service price index and the nation\u2019s trade balance.\u00a0 Analysts are expected Japan\u2019s trade balance to turn into a surplus for the first time since August 2008.\u00a0 It will be interesting to see how exports fared since Japan\u2019s economy is highly reliant on its manufacturing base.\u00a0 Regardless, the USD\/JPY has been trading at an abnormally low level, and the Yen\u2019s strength is certainly taking its toll on Japan\u2019s economy.<\/p>\n

We maintain our negative outlook on the USD\/JPY since it is positively correlated with U.S. equities and we spot trouble ahead for the S&P.\u00a0 If the USD\/JPY\u2019s 2nd tier uptrend line doesn\u2019t hold, we could witness a near-term pullback towards our 1st tier uptrend line, which is quite a ways off.\u00a0 The USD\/JPY has been stable for a while now, and any contraction beneath May lows would certainly be noteworthy.\u00a0 The battle between the uptrend and the downtrend ensues as investors slug it out over a trend.\u00a0 Therefore, investors should keep a close eye on the ability of the S&P futures to remain relatively close to their highly psychological 900 level.
\nPresent Price: 95.70<\/p>\n

Resistances: 95.82, 96.33, 96.90, 97.45, 97.58<\/p>\n

Supports: 95.20, 94.45, 93.76, 93.32, 92.69<\/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 is clawing back towards our 2nd tier uptrend line after dipping below for the 4th time in the past month.\u00a0 However, volume cooled to the downside and bulls came to the defense of the currency pair.\u00a0 Even though volume didn\u2019t match the potential significance of the movement, this contraction … <\/p>\n

Continue reading “USD\/JPY Edges below our Heavily-Weighted 2nd Tier Uptrend Line”<\/span><\/a><\/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-2614","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2614","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=2614"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2614\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}