{"id":3552,"date":"2009-08-31T10:23:37","date_gmt":"2009-08-31T15:23:37","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3552"},"modified":"2009-08-31T10:23:37","modified_gmt":"2009-08-31T15:23:37","slug":"usdjpy-continues-pullback-with-dpj-victory-official","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/08\/31\/usdjpy-continues-pullback-with-dpj-victory-official\/","title":{"rendered":"USD\/JPY Continues Pullback with DPJ Victory Official"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is reacting negatively to the inflection point of our 2nd tier uptrend and downtrend lines.\u00a0 Investors continue to favor the Yen in the wake of a shift in Japanese governmental power to the DPJ.\u00a0 Investors are speculating the DPJ\u2019s more conservative fiscal stance will result in a stronger Yen as we recognize similar pullbacks in both the EUR\/JPY and GBP\/JPY despite the Greenback\u2019s broad-based depreciation.\u00a0 To exacerbate the rush to the Yen, Japan reported some positive economic data today for a change of pace.\u00a0 Prelim Industrial Production, Retail Sales, and Average Cash Earnings all exceeding analyst expectations.\u00a0 Hence, investors have just another incentive to favor the Yen over the Dollar.\u00a0 However, investors should keep in mind Japan\u2019s wave of economic data over the past week has been negative for the most part.\u00a0 Investors will be paying close attention to China\u2019s Manufacturing PMI data late Monday.\u00a0 If China\u2019s economic data continues to cool down, the USD\/JPY may hit a bottom since investors will be concerned about the impact this will have on China\u2019s demand for Japanese exports.<\/p>\n

Meanwhile, the USD\/JPY is drifting uncomfortably far away from our 1st tier and 2nd tier uptrend lines, indicating a retest of July lows.\u00a0 As a result, it will important to see whether the USD\/JPY can recover from today\u2019s pullback and climb into the safety of our 1st tier uptrend line.\u00a0 Regardless, the USD\/JPY is burning bridges while flirting with the idea of retesting yearly lows.\u00a0 Therefore, it\u2019s safe to say the USD\/JPY\u2019s downward momentum is in the driver\u2019s seat.\u00a0 The currency pair has quite a battle ahead of itself to the topside.\u00a0 Focus will return to China, the U.S. and Britain with Japanese elections and economic data out of the way.\u00a0 As a result, we will monitor which correlations come into play over the next 24 hours.<\/p>\n

Present Price: 92.73<\/p>\n

Resistances: 92.98, 93.17, 93.27, 93.54, 93.74<\/p>\n

Supports:\u00a0 92.73, 92.55, 92.36, 92.08, 91.91<\/p>\n

Psychological: 95, 90<\/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 reacting negatively to the inflection point of our 2nd tier uptrend and downtrend lines.\u00a0 Investors continue to favor the Yen in the wake of a shift in Japanese governmental power to the DPJ.\u00a0 Investors are speculating the DPJ\u2019s more conservative fiscal stance will result in a stronger Yen … <\/p>\n

Continue reading “USD\/JPY Continues Pullback with DPJ Victory Official”<\/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-3552","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3552","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=3552"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3552\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}