{"id":4349,"date":"2009-10-20T10:26:34","date_gmt":"2009-10-20T15:26:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4349"},"modified":"2009-10-20T10:26:34","modified_gmt":"2009-10-20T15:26:34","slug":"usdjpy-bounces-after-retesting-90","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/20\/usdjpy-bounces-after-retesting-90\/","title":{"rendered":"USD\/JPY Bounces after Retesting 90"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is bouncing after touching the psychological 90 level and what is now our 2nd tier uptrend line.\u00a0 The USD\/JPY has been under selling pressure since topping at our 1st tier downtrend line.\u00a0 The BoJ\u2019s minutes revealed the central bank is encouraged by recent performance of the Japanese economy, and is less inclined to add more liquidity to the monetary system.\u00a0 In fact, the BoJ all but reaffirmed its new hawkish stance towards the Yen with the DPJ looking to install a more conservative fiscal policy supportive of a stronger currency.\u00a0 The BoJ\u2019s minutes helped temper the USD\/JPY\u2019s present run despite another solid performance from the S&P futures.\u00a0 Impressive Q3 earnings indicate the global economic recovery is coming along nicely, encouraging the BoJ that U.S. unemployment will decline and consumption increase.\u00a0 Therefore, the central bank may believe it is unwise to act now since an increase in U.S. consumption would likely weaken the Yen and help the USD\/JPY stabilize naturally.\u00a0 However, the USD\/JPY is still under a considerable amount of long-term downward pressure.<\/p>\n

The USD\/JPY presently faces multiple downtrend lines while the currency pair continues to have trouble leaving the psychological 90 level behind.\u00a0 In addition to the downtrend lines, the USD\/JPY also needs to overcome previous October highs.\u00a0 Our 1st downtrend line serves as the first important obstacle since it represents a test of 9\/21 highs and the concept of a more substantial near-term uptrend.\u00a0 As for the downside, the USD\/JPY does have a few uptrend lines we can piece together and the psychological 90 level is now working the currency pair\u2019s favor.\u00a0 However, the USD\/JPY is still awfully close to critical levels and is not in the clear yet.\u00a0 We are in the midst of a debilitating downtrend, meaning the USD\/JPY likely needs a violent reversal to break free of its funk.<\/p>\n

Present Price: 90.42<\/p>\n

Resistances: 90.46, 90.63, 90.79, 90.98, 91.14, 91.35<\/p>\n

Supports:\u00a0 90.15, 89.92, 89.70, 89.57, 89.37, 89.15<\/p>\n

Psychological: 90<\/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 bouncing after touching the psychological 90 level and what is now our 2nd tier uptrend line.\u00a0 The USD\/JPY has been under selling pressure since topping at our 1st tier downtrend line.\u00a0 The BoJ\u2019s minutes revealed the central bank is encouraged by recent performance of the Japanese economy, and … <\/p>\n

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