{"id":3285,"date":"2009-08-10T10:38:39","date_gmt":"2009-08-10T15:38:39","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3285"},"modified":"2009-08-10T10:38:39","modified_gmt":"2009-08-10T15:38:39","slug":"usdjpy-is-deflected-by-our-4th-tier-downtrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/10\/usdjpy-is-deflected-by-our-4th-tier-downtrend-line\/","title":{"rendered":"USD\/JPY is Deflected by our 4th Tier Downtrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is reversing from 98 and our 4th tier downtrend line after Friday\u2019s encouraging rise.\u00a0 The currency pair is now bouncing between our 4th tier downtrend line and 2nd tier uptrend line as they approach their inflection point.\u00a0 Today\u2019s appreciation of the Yen comes with much better than expected Core Machinery Orders and Current Account data points from Japan.\u00a0 Investors are favoring the Yen and the Japanese economy in reaction, particularly after economist Paul Krugman cautioned that the U.S. economic recovery has a long road ahead.\u00a0 The improvement in Japan\u2019s economic data is certainly encouraging, especially the sizable rise in the nation\u2019s Current Account balance.\u00a0 The pickup in Japan\u2019s Current Account balance is likely due to the economic recovery taking place in China.\u00a0 Therefore, better than expected economic data from China tomorrow could add further near-term downward pressure since this news would favor Japan\u2019s economy.<\/p>\n

Despite today\u2019s pullback, the USD\/JPY made encouraging headway on Friday.\u00a0 The currency pair finally woke from its hibernation, heading back into contention for 100.\u00a0 However, the USD\/JPY faces new immediate-term foes, including our 4th tier downtrend line and Jen highs.\u00a0 Regardless, the USD\/JPY is in an opportunistic position to extend its near-term breakout.\u00a0 Furthermore, any eclipse of our 5th tier downtrend line could signal a longer uptrend line with a retest of 100 likely.\u00a0 On the other hand, should our 2nd tier uptrend give way, the USD\/JPY\u2019s immediate-term pullback could pick up speed towards the 96.42-96.74 zone.<\/p>\n

Present Price: 97.30<\/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 reversing from 98 and our 4th tier downtrend line after Friday\u2019s encouraging rise.\u00a0 The currency pair is now bouncing between our 4th tier downtrend line and 2nd tier uptrend line as they approach their inflection point.\u00a0 Today\u2019s appreciation of the Yen comes with much better than expected Core … <\/p>\n

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