{"id":2851,"date":"2009-07-08T11:04:34","date_gmt":"2009-07-08T16:04:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2851"},"modified":"2009-07-08T11:04:34","modified_gmt":"2009-07-08T16:04:34","slug":"usdjpy-falls-through-critical-1st-tier-uptrend","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/08\/usdjpy-falls-through-critical-1st-tier-uptrend\/","title":{"rendered":"USD\/JPY Falls Through Critical 1st Tier Uptrend"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY has finally decided to venture below our critical 1st tier uptrend line, which we view as an important development for the currency pair.\u00a0 Though the USD\/JPY hasn\u2019t registered the corresponding large volume on the pullback that bears would like to see, this could be the mark of a turning point.\u00a0 The USD\/JPY is trading just above 3\/19 lows at present.\u00a0 Should the pullback pick move beneath these lows on rising volume, we could see a sharp immediate-term selloff towards the 92 level.\u00a0 The USD\/JPY has been in a drawn out battle between the bulls in the bears, so today\u2019s movement could mark a significant turning point.\u00a0 Such a movement could signal the beginning of a new downtrend, which would place further strain on a beleaguered Japanese economy.<\/p>\n

Japan reported discouraging Core Machinery Orders and Current Account data yesterday.\u00a0 These data points signal the Japanese economy continues to feel pressure from declining demand for its manufactured goods both at home and abroad.\u00a0 Lower Japanese corporate earnings and higher unemployment are pinching domestic demand.\u00a0 The discouraging Current Account number makes investors worry that international consumption is not picking up as quickly as the improvement in global consumer sentiment data may suggest.\u00a0 An appreciating Yen should only make matters worse, so a declaration of the downtrend by the USD\/JPY could be very bad news for Japan.<\/p>\n

Meanwhile, the U.S. earnings season is kicking off with Alcoa, and the S&P futures are beginning the week on a downbeat.\u00a0 A commitment by the S&P to its downtrend would likely spell more trouble for a pressured USD\/JPY since they are positive correlated.\u00a0 Hence, investors will be keeping a close eye on how earnings fare over the coming two weeks.<\/p>\n

Present Price: 93.46.<\/p>\n

Resistances: 95.73, 96.33, 96.90, 97.45, 98.05<\/p>\n

Supports: 93.32, 92.57, 91.96, 91.50, 91.03<\/p>\n

Psychological: 95<\/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 finally decided to venture below our critical 1st tier uptrend line, which we view as an important development for the currency pair.\u00a0 Though the USD\/JPY hasn\u2019t registered the corresponding large volume on the pullback that bears would like to see, this could be the mark of a turning … <\/p>\n

Continue reading “USD\/JPY Falls Through Critical 1st Tier Uptrend”<\/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-2851","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2851","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=2851"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/2851\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=2851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=2851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=2851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}