{"id":4237,"date":"2009-10-09T10:52:16","date_gmt":"2009-10-09T15:52:16","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4237"},"modified":"2009-10-09T10:52:16","modified_gmt":"2009-10-09T15:52:16","slug":"usdjpy-pops-amid-broad-based-dollar-strength","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/09\/usdjpy-pops-amid-broad-based-dollar-strength\/","title":{"rendered":"USD\/JPY Pops Amid Broad-Based Dollar Strength"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is popping nicely above October lows after Core Machinery Orders data came in lighter than analyst expectations.\u00a0 Broad-based Dollar strength is only helping the USD\/JPY head higher as we recognize pullbacks in both the GBP\/USD and EUR\/USD.\u00a0 Hence, investors are still a bit cautious despite the optimism resulting from the RBA\u2019s monetary shock and consequent breakout in gold.\u00a0 The USD\/JPY has responded by creating some distance between price and our important 1st tier uptrend line.\u00a0 Despite the potential for more immediate-term gains in the USD\/JPY, the currency pair still faces our 2nd tier uptrend and downtrend lines along with the highly psychological 90 level.\u00a0 Therefore, investors should refrain from becoming too optimistic in reaction to today\u2019s bounce.\u00a0 The longer-term downtrend line persists and a pop on oversold conditions is healthy.\u00a0 As for the downside, the USD\/JPY only has our 1st tier uptrend and October lows separating the currency pair from a retest of key January lows.<\/p>\n

The USD\/JPY\u2019s near-term path will rely upon the combination of important econ data next week, Q3 earnings reports and outlooks, and the BoJ\u2019s monetary policy decision on Tuesday.\u00a0 Volatility should increase considerably before Tuesday\u2019s meeting since great uncertainty surrounds the true monetary stance of the BoJ.\u00a0 Tuesday\u2019s decision will be the first under the leadership of Minister Fujii.\u00a0 Though we don\u2019t expect the BoJ to alter its monetary policy on Tuesday, investors will carefully analyze Fujii\u2019s comments.\u00a0 Investors will look to see if Fujii reveals whether the BoJ is comfortable with the Yen appreciating further and if\/when the central bank would intervene to defend exporters.\u00a0 However, we don\u2019t expect too much clarity, only further haze and uncertainty.\u00a0 Meanwhile, Monday\u2019s trading session should be quiet since U.S. markets will be closed for a banking holiday.<\/p>\n

Present Price: 89.33<\/p>\n

Resistances: 89.45, 89.68, 89.82, 89.97, 90.21, 90.43<\/p>\n

Supports:\u00a0 89.16, 88.91, 88.63, 88.43, 88.16, 88.00<\/p>\n

Psychological: 90, 2009 and 2008 lows<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> provided by Fast Brokers<\/strong><\/span><\/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 popping nicely above October lows after Core Machinery Orders data came in lighter than analyst expectations.\u00a0 Broad-based Dollar strength is only helping the USD\/JPY head higher as we recognize pullbacks in both the GBP\/USD and EUR\/USD.\u00a0 Hence, investors are still a bit cautious despite the optimism resulting from … <\/p>\n

Continue reading “USD\/JPY Pops Amid Broad-Based Dollar Strength”<\/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-4237","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4237","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=4237"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4237\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}