{"id":3813,"date":"2009-09-15T12:57:46","date_gmt":"2009-09-15T17:57:46","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3813"},"modified":"2009-09-15T12:57:46","modified_gmt":"2009-09-15T17:57:46","slug":"usdjpy-struggles-with-our-1st-tier-downtrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/15\/usdjpy-struggles-with-our-1st-tier-downtrend-line\/","title":{"rendered":"USD\/JPY Struggles with our 1st Tier Downtrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY\u2019s mini-rally is cooling after interacting with our 1st tier downtrend line.\u00a0 The USD\/JPY experienced further strength initially this morning after investors snapped up the Dollar following a wave of better than expected U.S. economic data.\u00a0 However, this favoritism is wearing thin as the S&P futures return earlier gains and the GBP\/USD collapses.\u00a0 Regardless of today\u2019s broad-based appreciation of the Dollar, the USD\/JPY remains entrenched in its medium-term downtrend due to the currency pair\u2019s incredible selloff since the beginning of August.\u00a0 The USD\/JPY is well out of reach of our 1st tier uptrend line, and it seems the currency pair is headed for a battle with its psychological 90 level.\u00a0 Despite the USD\/JPY\u2019s negative tendency, the currency pair seems to be running out of room to the downside since it has historical trading ranges nearby dating back to December 2008 and January 2009 lows.\u00a0 Meanwhile, investors continue to act off of the belief that the DPJ will enact economic policies supportive of a stronger Yen.\u00a0 However, it remains to be seen whether the BoJ will alter its monetary policy approach in any dramatic way.\u00a0 Late Wednesday the BoJ will meet for the first time since the DPJ\u2019s victory.\u00a0 Though we expect the BoJ to keep its monetary policy intact, such a large shift in governmental power does create a sense of uncertainty in the Yen crosses.\u00a0 In the meantime, the USD\/JPY\u2019s performance should be reliant on its negative correlation with U.S. equities, at least until Wednesday\u2019s BoJ meeting that is.<\/p>\n

Present Price: 91.25<\/p>\n

Supports:\u00a0 91.18, 90.96, 90.78, 90.57, 90.26<\/p>\n

Resistances:\u00a0 91.43, 91.65, 91.84, 92.04, 92.24<\/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\u2019s mini-rally is cooling after interacting with our 1st tier downtrend line.\u00a0 The USD\/JPY experienced further strength initially this morning after investors snapped up the Dollar following a wave of better than expected U.S. economic data.\u00a0 However, this favoritism is wearing thin as the S&P futures return earlier gains and … <\/p>\n

Continue reading “USD\/JPY Struggles with our 1st Tier Downtrend Line”<\/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-3813","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3813","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=3813"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3813\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}