{"id":4892,"date":"2009-11-18T12:18:58","date_gmt":"2009-11-18T17:18:58","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4892"},"modified":"2009-11-18T12:18:58","modified_gmt":"2009-11-18T17:18:58","slug":"usdjpy-consolidates-around-our-1st-and-2nd-tier-uptrend-lines","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/18\/usdjpy-consolidates-around-our-1st-and-2nd-tier-uptrend-lines\/","title":{"rendered":"USD\/JPY Consolidates Around Our 1st and 2nd Tier Uptrend Lines"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is continuing its consolidation between our 1st and 2nd tier uptrend lines as the S&P futures hover just above their psychological 1100 level.\u00a0 Not much has changed since yesterday despite another wave of negatively mixed U.S. econ data.\u00a0 The story remains the S&P\u2019s resilience above 1100 despite econ data indicating a slowdown in the pace of America\u2019s economic recovery.\u00a0 If the S&P can manage to move higher regardless of disappointing data, then another wave of broad based Dollar weakness may kick-in, thereby weakening the USD\/JPY.<\/p>\n

Meanwhile, investors shouldn\u2019t forget that Japan\u2019s Prelim GDP topped expectations by 5 basis points to kick off the week.\u00a0 Therefore, one may expect investors to send the USD\/JPY lower due to a more favorable outlook for the Yen as compared to the Dollar.\u00a0 However, the USD\/JPY is continuing to hold strong above our 1st tier uptrend line since the currency pair is drifting closer to a key retracement towards October lows.\u00a0 Regardless of the USD\/JPY\u2019s present resilience, there is still a long-term downtrend at play and our technical cushions are wearing thin.<\/p>\n

Technically speaking, the USD\/JPY is presently fighting to stay above our 1st and 2nd tier uptrend lines.\u00a0 Should our 1st tier give way, the currency pair still has 10\/2 lows along with October lows serving as technical cushions.\u00a0 As for the topside, the USD\/JPY faces multiple downtrend lines along with the highly psychological 90 level.\u00a0 Therefore, quite a few topside challenges are in place.\u00a0 Meanwhile, investors should continue to monitor the S&P\u2019s interaction with 1100 as well as the reaction of equities to tomorrow\u2019s weekly Unemployment Claims release.<\/p>\n

Present Price: 89.18<\/p>\n

Resistances: 89.31, 89.41, 89.54, 89.68, 89.83, 89.89, 90.07<\/p>\n

Supports:\u00a0 89.15, 88.99, 88.85, 88.73, 88.58, 88.44<\/p>\n

Psychological: 90, November and October Lows<\/p>\n

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

Market Commentary<\/strong><\/em> <\/span>provided by <\/span>Fast Brokers<\/strong><\/span><\/span>.<\/a><\/p>\n

Disclaimer:<\/strong> <\/span>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> <\/span>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 continuing its consolidation between our 1st and 2nd tier uptrend lines as the S&P futures hover just above their psychological 1100 level.\u00a0 Not much has changed since yesterday despite another wave of negatively mixed U.S. econ data.\u00a0 The story remains the S&P\u2019s resilience above 1100 despite econ data … <\/p>\n

Continue reading “USD\/JPY Consolidates Around Our 1st and 2nd Tier Uptrend Lines”<\/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-4892","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4892","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=4892"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4892\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}