{"id":4379,"date":"2009-10-22T11:00:51","date_gmt":"2009-10-22T16:00:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4379"},"modified":"2009-10-22T11:00:51","modified_gmt":"2009-10-22T16:00:51","slug":"usdjpy-charges-higher-following-disappointing-trade-balance","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/22\/usdjpy-charges-higher-following-disappointing-trade-balance\/","title":{"rendered":"USD\/JPY Charges Higher Following Disappointing Trade Balance"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is popping after Japan\u2019s Trade Balance came in much lower than analyst expectations coupled with a downward revision of the previous release.\u00a0 Analysts are eager to point out that Japan\u2019s exports declined at a slower rate.\u00a0 However, the Trade Balance still took a hit, telling us the improvement in imports far exceeded that in exports.\u00a0 The USD\/JPY is climbing in reaction to the unexpected outflow of Yen in conjunction with a rally fueled by oversold conditions.\u00a0 The USD\/JPY has managed to separate itself from 90 while climbing past our 1st and 2nd tier downtrend lines.\u00a0 However, topside volume is fading and the currency pair still faces our 3rd and 4th tier downtrend lines along with 9\/21 highs.\u00a0 Meanwhile, there are many downtrend lines we can construct beyond these barriers due to the currency pair\u2019s extensive deterioration over the medium-term.\u00a0 Therefore, we are cautiously optimistic and will need further topside confirmation before considering revising our outlook on the USD\/JPY over the longer-term.\u00a0 As for the downside, the USD\/JPY continues to create breathing room.\u00a0 We find cushions in the form of our 3rd tier uptrend line along with 10\/21 lows and the highly psychological 90 level.<\/p>\n

Meanwhile, all eyes will be on tomorrow\u2019s wave of EU and British econ data long with continued Q3 results.\u00a0 The USD\/JPY\u2019s correlation with U.S. equities it\u2019s a bit out of whack these days.\u00a0 However, any broad-based favoritism of the risk trade would likely benefit the USD\/JPY\u2019s uptrend.\u00a0 Considering the GBP\/USD and EUR\/USD have limited topside technical barriers, the USD\/JPY\u2019s present run could have more room to go over the near-term.<\/p>\n

Present Price: 91.57<\/p>\n

Resistances: 91.76, 91.90, 92.03, 92.18, 92.38, 92.51<\/p>\n

Supports:\u00a0 91.38, 91.26, 91.16, 90.85, 90.67<\/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 popping after Japan\u2019s Trade Balance came in much lower than analyst expectations coupled with a downward revision of the previous release.\u00a0 Analysts are eager to point out that Japan\u2019s exports declined at a slower rate.\u00a0 However, the Trade Balance still took a hit, telling us the improvement in … <\/p>\n

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