{"id":3763,"date":"2009-09-10T12:43:28","date_gmt":"2009-09-10T17:43:28","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3763"},"modified":"2009-09-10T12:43:28","modified_gmt":"2009-09-10T17:43:28","slug":"usdjpy-fights-to-stabilize-back-above-july-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/10\/usdjpy-fights-to-stabilize-back-above-july-lows\/","title":{"rendered":"USD\/JPY Fights to Stabilize Back Above July Lows"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY sank beneath July lows earlier today despite a much weaker than expected Core Machinery Orders number.\u00a0 The setback in Core Machinery Orders is a bit disconcerting for Japan\u2019s economy, yet could help buoy the USD\/JPY today as investors show a slight preference for the Dollar amid mixed global economic data.\u00a0 Ironically, the decline in Japan\u2019s CMO coincides with a widening of America\u2019s Trade Balance.\u00a0 The increase in U.S. imports would lead one to believe that Japanese exports are improving.\u00a0 However, the rapid of the appreciation of the Yen isn\u2019t helping struggling Japanese exports too much.\u00a0 Regardless, the mixed global data is helping the USD\/JPY bounce off of our 1st tier downtrend line.<\/p>\n

Japan\u2019s Trade Balance data later tonight will be overshadowed by China\u2019s wave of data.\u00a0 China is the engine of growth for the global economic recovery.\u00a0 Therefore, the USD\/JPY\u2019s immediate-term path will likely depend on the broad-based reaction of the Dollar to China\u2019s economic data, particularly Industrial Production.\u00a0 The slight improvement in American demand for China\u2019s exports confirms our suspicion the red state\u2019s data should outperform expectations.\u00a0 Tuesday was a key technical session across the board, highlighted by breakouts to the topside in both the EUR\/USD and GBP\/USD along with a dive beneath September lows in the USD\/JPY.\u00a0 We expect these trends to continue over the near-term, meaning we could be talking about the psychological 90 level soon.\u00a0 However, even if the USD\/JPY should weaken further, the currency pair has historical consolidation beneath present levels dating back to January and February trading ranges.\u00a0 Furthermore, the USD\/JPY has the highly psychological 90 level to fall back on should the downturn pick up speed again.\u00a0 As for the topside, our 1st tier uptrend line is fading into the distance, a disconcerting technical development.\u00a0 For the time being, the USD\/JPY must first get back above Tuesday highs.<\/p>\n

Present Price: 91.88<\/p>\n

Resistances:\u00a0 91.96, 92.06, 92.27, 92.40, 92.54<\/p>\n

Supports:\u00a0 91.79, 91.64, 91.50, 91.41, 91.27<\/p>\n

Psychological: 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 sank beneath July lows earlier today despite a much weaker than expected Core Machinery Orders number.\u00a0 The setback in Core Machinery Orders is a bit disconcerting for Japan\u2019s economy, yet could help buoy the USD\/JPY today as investors show a slight preference for the Dollar amid mixed global economic … <\/p>\n

Continue reading “USD\/JPY Fights to Stabilize Back Above July Lows”<\/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-3763","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3763","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=3763"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3763\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}