{"id":3384,"date":"2009-08-18T10:46:04","date_gmt":"2009-08-18T15:46:04","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3384"},"modified":"2009-08-18T10:46:04","modified_gmt":"2009-08-18T15:46:04","slug":"usdjpy-stabilizes-with-weak-gdp-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/18\/usdjpy-stabilizes-with-weak-gdp-data\/","title":{"rendered":"USD\/JPY Stabilizes with Weak GDP Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY bottomed out yesterday despite the pullback in U.S. equities since investors were reacting to weaker than expected GDP data from Japan.\u00a0 The setback in Japan\u2019s GDP gave investors a good reason to halt the Yen\u2019s appreciation and favor the Dollar.\u00a0 However, today\u2019s pop has failed to breach the USD\/JPY\u2019s important 1st tier uptrend line.\u00a0 U.S. data has also come in below analyst expectations today, putting the economic comparison between the two nations in a deadlock.\u00a0 Therefore, it seems the USD\/JPY could follow the S&P futures closely for the immediate-term, particularly to the downside.\u00a0 Further deterioration in U.S. equities could motivate traders to head for safety and favor the Yen.\u00a0 The USD\/JPY should ultimately correlate to the performance of economic data.\u00a0 Disappointing U.S. data would likely knock equities lower and appreciate the Yen.<\/p>\n

Meanwhile, bulls will attempt to build a new base above the psychological 95 level and get the USD\/JPY back above our 1st tier uptrend line.\u00a0 However, it seems the downside has more momentum for the time being.\u00a0 The USD\/JPY will look to our 1st tier uptrend line, May lows and March lows for support.\u00a0 The next data release having an impact on this currency pair will be U.S. weekly Unemployment Claims on Thursday.<\/p>\n

Present Price: 94.70<\/p>\n

Resistances: 94.95, 95.15, 95.44, 95.65, 96.08<\/p>\n

Supports:\u00a0 94.52, 94.36, 94.08, 93.88, 93.52<\/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 bottomed out yesterday despite the pullback in U.S. equities since investors were reacting to weaker than expected GDP data from Japan.\u00a0 The setback in Japan\u2019s GDP gave investors a good reason to halt the Yen\u2019s appreciation and favor the Dollar.\u00a0 However, today\u2019s pop has failed to breach the USD\/JPY\u2019s … <\/p>\n

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