{"id":3258,"date":"2009-08-07T10:44:02","date_gmt":"2009-08-07T15:44:02","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3258"},"modified":"2009-08-07T10:44:02","modified_gmt":"2009-08-07T15:44:02","slug":"usdjpy-blows-past-our-3rd-tier-downtrend-line-in-key-movement","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/07\/usdjpy-blows-past-our-3rd-tier-downtrend-line-in-key-movement\/","title":{"rendered":"USD\/JPY Blows Past our 3rd Tier Downtrend Line in Key Movement"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is logging huge gains to the upside as the broad-based appreciation of the Dollar continues in a big way.\u00a0 The USD\/JPY has finally woken from its hibernation after building strength along our 1st tier uptrend line.\u00a0 There\u2019s no news on the wire from Japan, indicating today\u2019s movement is a continuation of the pattern we spotted yesterday.\u00a0 The brisk appreciation of the Dollar and decline in gold comes after better than expected employment data from the U.S.\u00a0 The depreciation of the Yen is great news for struggling Japanese exporters and manufacturers who have had to make do with an abnormally appreciated currency.\u00a0 If the USD\/JPY can piece together a solid rally, this could do wonders for Japanese economic data.<\/p>\n

The S&P futures are reacting positively to today employment data, and are presently attempting to create some space between present price and their highly psychological 1000 level.\u00a0 We are speculating the Greenback\u2019s broad-based appreciation with rising equities may indicate a reversal in crisis-oriented correlations.\u00a0 After all, the USD\/JPY is breaking out with positive news from the U.S.\u00a0 However, as we explained in our other FX commentaries today, we can\u2019t make a conclusion of this magnitude based off of 1 day of movement. On the other hand, today\u2019s activity is certainly intriguing and should be the topic of discussion among FX traders over the weekend.<\/p>\n

Meanwhile, the USD\/JPY has leapt beyond our 3rd tier downtrend line and July highs on a spike in buy-side volume.\u00a0 Therefore, we could be witnessing the beginning of a new, sizable leg up in the USD\/JPY.\u00a0 The next barriers will be our 4th tier downtrend line, 3rd tier uptrend line, and June highs.\u00a0 However, even if the USD\/JPY can manage to take down these obstacles, the currency pair still has the highly psychological 100 level waiting in the distance.\u00a0 Regardless, today\u2019s movement in the USD\/JPY is very encouraging and gives USD\/JPY bulls something to cheer about.<\/p>\n

Present Price: 97.35<\/p>\n

Resistances: 97.37, 97.78, 98.09, 98.54, 98.90<\/p>\n

Supports:\u00a0 97.05, 96.74, 96.42, 96.02, 95.75<\/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 logging huge gains to the upside as the broad-based appreciation of the Dollar continues in a big way.\u00a0 The USD\/JPY has finally woken from its hibernation after building strength along our 1st tier uptrend line.\u00a0 There\u2019s no news on the wire from Japan, indicating today\u2019s movement is a … <\/p>\n

Continue reading “USD\/JPY Blows Past our 3rd Tier Downtrend Line in Key Movement”<\/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-3258","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3258","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=3258"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3258\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}