{"id":3110,"date":"2009-07-28T12:53:24","date_gmt":"2009-07-28T17:53:24","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3110"},"modified":"2009-07-28T12:53:24","modified_gmt":"2009-07-28T17:53:24","slug":"usdjpy-drops-through-our-1st-tier-uptrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/07\/28\/usdjpy-drops-through-our-1st-tier-uptrend-line\/","title":{"rendered":"USD\/JPY Drops Through our 1st Tier Uptrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is deflecting from our 2nd tier downtrend line as it gradually reaches an inflection point with our 1st tier uptrend line.\u00a0 The currency pair is following U.S. equities lower with investors locking in profits after today\u2019s mixed earnings and economic data releases.\u00a0 The USD\/JPY is logging moderate losses after the currency pair gave bulls hope by bouncing off of our 1st tier uptrend line.\u00a0 Meanwhile, we still haven\u2019t seen a real commitment to the upside with volume on a steady decline since July lows.\u00a0 It seems the USD\/JPY has little independent strength, and its stabilization\/recovery depends largely upon the uptrend in U.S. equities.\u00a0 Japanese economic data provides little evidence supporting a sustainable recovery in the country\u2019s manufacturing\/export sectors.\u00a0 Hence, the S&P\u2019s ability to gather itself after profit taking and make a move for 1000 could be key for the USD\/JPY in piecing together a noteworthy rally of its own.\u00a0 Meanwhile, the USD\/JPY has a few cushions to the downside, including 7\/23 lows and our 1st tier downtrend line.\u00a0 As for the upside, the USD\/JPY needs to overcome our 2nd tier downtrend line and leave the psychological 95 area behind before even considering a move towards our 3rd tier downtrend line.<\/p>\n

Present Price: 94.76<\/p>\n

Resistances: 94.99, 95.73, 96.33, 96.77, 97.20<\/p>\n

Supports:\u00a0 94.49, 93.82, 93.28, 92.90, 92.39<\/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 is deflecting from our 2nd tier downtrend line as it gradually reaches an inflection point with our 1st tier uptrend line.\u00a0 The currency pair is following U.S. equities lower with investors locking in profits after today\u2019s mixed earnings and economic data releases.\u00a0 The USD\/JPY is logging moderate losses after … <\/p>\n

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