{"id":3600,"date":"2009-09-02T10:58:35","date_gmt":"2009-09-02T15:58:35","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3600"},"modified":"2009-09-02T10:58:35","modified_gmt":"2009-09-02T15:58:35","slug":"usdjpy-mirrors-the-sps-decline","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/02\/usdjpy-mirrors-the-sps-decline\/","title":{"rendered":"USD\/JPY Mirrors the S&P\u2019s Decline"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY has been following the S&P futures lower in reaction to investor uncertainty surrounding the present valuation of U.S. equities.\u00a0 The Yen was already experiencing a relative strength earlier this week due to strong Japanese data and the DPJ\u2019s victory.\u00a0 Therefore, the S&P\u2019s pullback below 1000 only gave investors more incentive to test the USD\/JPY\u2019s patience after drifting beneath our 1st tier uptrend line.\u00a0 The failure of our 1st tier uptrend line indicated a retest of July lows, which has nearly materialized.\u00a0 However, the USD\/JPY may opt to consolidate a little today with July highs within reach and a hefty downturn already underway.\u00a0 Additionally, the S&P futures are back in their 1000 trading zone, which obviously has a strong psychological pull.\u00a0 We also notice the GBP\/USD and EUR\/USD are sliding near their own psychological 1.60 and 1.45 levels, respectively.\u00a0 However, any immediate-term stability may not last long considering investors will receive a large wave of economic news tomorrow.<\/p>\n

The U.S. and Britain will release important economic data points tomorrow along with an ECB monetary policy decision.\u00a0 Hence, we expect volatility to pick up tomorrow and throughout the remainder of the trading week.\u00a0 The S&P futures and other Dollar crosses are hovering around their key psychological cushions.\u00a0 Therefore, Thursday\u2019s data set could prove to be either a tipping point or stabilizing factor in the FX markets.\u00a0 Considering we have witnessed heightened sell-side activity in both crude and the S&P futures, present momentum appears to be in favor of a larger leg down.\u00a0 Meanwhile, if the USD\/JPY can\u2019t hold July lows the currency pair could be in for an exacerbated selloff toward the 91 area.\u00a0 As for the topside, the USD\/JPY has countless barriers to overcome, beginning with our 1st tier uptrend and 2nd tier downtrend lines.<\/p>\n

Present Price: 92.46<\/p>\n

Resistances: 92.58, 92.73, 92.97, 93.17, 93.33<\/p>\n

Supports:\u00a0 92.36, 92.22, 92.08, 91.96, 91.72<\/p>\n

Psychological: 90, 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 has been following the S&P futures lower in reaction to investor uncertainty surrounding the present valuation of U.S. equities.\u00a0 The Yen was already experiencing a relative strength earlier this week due to strong Japanese data and the DPJ\u2019s victory.\u00a0 Therefore, the S&P\u2019s pullback below 1000 only gave investors more … <\/p>\n

Continue reading “USD\/JPY Mirrors the S&P\u2019s Decline”<\/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-3600","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3600","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=3600"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3600\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}