{"id":3630,"date":"2009-09-03T11:48:36","date_gmt":"2009-09-03T16:48:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3630"},"modified":"2009-09-03T11:48:36","modified_gmt":"2009-09-03T16:48:36","slug":"usdjpy-finally-forms-a-bottom","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/03\/usdjpy-finally-forms-a-bottom\/","title":{"rendered":"USD\/JPY Finally Forms a Bottom"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY has finally formed a bottom, narrowly avoiding a retest of July lows in the process.\u00a0 The Dollar is appreciating lightly across the board today after Unemployment Claims missed expectations and the ISM Services PMI printed in line.\u00a0 Meanwhile, crude and the S&P are returning earlier gains as gold continues to strengthen above $980\/oz.\u00a0 The combination of strength in gold and the Dollar tells us that investors are half-heartedly choosing to divest from riskier assets and into safer venues.\u00a0 However, USD\/JPY investors shouldn\u2019t get their hopes up since today\u2019s bottom comes on light volume and a strong downward bias remains.\u00a0 The currency pair has experienced an intense selloff, so a little bottom fishing is not surprising.<\/p>\n

The USD\/JPY remains well below our 1st tier uptrend and 2nd tier downtrend lines while recent activity has clearly been sell-side heavy.\u00a0 The question becomes how far the USD\/JPY\u2019s bounce will go, and whether today\u2019s bottom proves to be lasting or only temporary.\u00a0 In the meantime, bulls will fight to get the USD\/JPY back above its 1st tier uptrend line and into respectability. As for the downside, it will be key for the USD\/JPY to remain above July lows.\u00a0 If not, all bets are off and we may witness a retest of 90.\u00a0 Our 1st tier uptrend line is approaching an inflection point with our 2nd tier downtrend line.\u00a0 We notice similar occurrences in both the EUR\/USD and GBP\/USD, indicating further volatility could be in the cards.\u00a0 Japan will release Capital Spending data late Thursday.\u00a0 A better than expected number could add some immediate-term downward pressure n the USD\/JPY.\u00a0 On the other hand, worse than expected Capital Spending data could help the USD\/JPY climb back above our 1st tier uptrend line.<\/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 finally formed a bottom, narrowly avoiding a retest of July lows in the process.\u00a0 The Dollar is appreciating lightly across the board today after Unemployment Claims missed expectations and the ISM Services PMI printed in line.\u00a0 Meanwhile, crude and the S&P are returning earlier gains as gold continues … <\/p>\n

Continue reading “USD\/JPY Finally Forms a Bottom”<\/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-3630","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3630","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=3630"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3630\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}