{"id":2906,"date":"2009-07-14T10:49:37","date_gmt":"2009-07-14T15:49:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=2906"},"modified":"2009-07-14T10:49:37","modified_gmt":"2009-07-14T15:49:37","slug":"usdjpy-stabilizes-above-july-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/14\/usdjpy-stabilizes-above-july-lows\/","title":{"rendered":"USD\/JPY Stabilizes Above July Lows"},"content":{"rendered":"

By Fast Brokers<\/span> – The USD\/JPY continues its stabilization pattern on declining volume post-July 8th.\u00a0 The USD\/JPY found a little strength in the S&P\u2019s rally yesterday, though no substantial movements occurred.\u00a0 It seems the USD\/JPY is attempting to form a new base amid a lack of trend identity across markets.\u00a0 However, the momentum remains to the downside considering we haven\u2019t seen any noteworthy action to the upside for some time.\u00a0 Hence, it appears the USD\/JPY could be lodged at depressed levels for a while longer, only inflicting further damage on a Japanese economy struggling with a bombing export economy.<\/p>\n

We still believe a retest of 90 will occur, it\u2019s just a matter of when.\u00a0 The key for the USD\/JPY will be avoiding a retest of January lows, for a retracement beneath these levels could inflict considerable damage.\u00a0 The USD\/JPY would likely need a large downturn in U.S. equities to test the bottom limits of its yearly trading range.\u00a0 Since the S&P futures have rallied back towards 900, a large breakdown in the USD\/JPY is probably out of the question for the near-term.\u00a0 The near-term goal to the upside for the USD\/JPY is getting back above our 1st tier downtrend and uptrend lines.\u00a0 Otherwise, the currency pair will continue to trade around uncomfortable levels.<\/p>\n

The BOJ will conclude its meeting late Tuesday\/early Wednesday and announce any updates\/revision to its present monetary policy.\u00a0 While the BOJ has little to work with concerning its benchmark rate, investors will be curious to see if there are any additions\/alterations to its QE plan.\u00a0 Furthermore, investors will pay close attention to the BOJ\u2019s economic sentiment and will look to see if the central bank provides any economic outlook.<\/p>\n

Present Price: 92.85<\/p>\n

Resistances: 93.28, 93.76, 94.45, 94.99, 95.73<\/p>\n

Supports:\u00a0 92.57, 91.96, 91.50, 91.03, 90.28<\/p>\n

Psychological: 90, 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 continues its stabilization pattern on declining volume post-July 8th.\u00a0 The USD\/JPY found a little strength in the S&P\u2019s rally yesterday, though no substantial movements occurred.\u00a0 It seems the USD\/JPY is attempting to form a new base amid a lack of trend identity across markets.\u00a0 However, the momentum remains to … <\/p>\n

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