{"id":5019,"date":"2009-11-30T13:34:17","date_gmt":"2009-11-30T18:34:17","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5019"},"modified":"2009-11-30T13:34:17","modified_gmt":"2009-11-30T18:34:17","slug":"usdjpy-fights-to-get-back-above-december-2008-lows","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/30\/usdjpy-fights-to-get-back-above-december-2008-lows\/","title":{"rendered":"USD\/JPY Fights to Get Back Above December 2008 Lows"},"content":{"rendered":"

By Fast Brokers <\/strong>– The USD\/JPY is consolidating well above Friday lows after tipping over in reaction to the news from Dubai combined with last week\u2019s solid Japanese econ data.\u00a0 Meanwhile, the USD\/JPY is fighting to get back above December 2008 lows as U.S. equities and crude turn positive.\u00a0 Japan\u2019s Industrial Production number came in well below analyst expectations, allowing investors to buoy the Yen against the Dollar.\u00a0 Although neither the BoJ nor the Finance Ministry have made any more aggressive comments in regards to an intervention, it seems investors are already pricing in the potential of governmental action considering how close the USD\/JPY is getting to its all-time lows.\u00a0 For the time being, we\u2019ll just have to wait and see how investors decide to move forward with the Dubai debt issue in succession with key econ data from China, the U.S. and UK.\u00a0 China will release its Manufacturing PMI data late Monday EST followed by an RBA rate decision.\u00a0 On Tuesday investors will receive HPI and PMI data from the UK followed by America\u2019s own Manufacturing PMI release.\u00a0 Therefore, the FX markets could be in for an active 24 hours.\u00a0 Should the approaching wave of econ data print positively, investors may be willing to wade back into the risk trade while balancing the USD\/JPY.\u00a0 However, negative fundamental results could add onto the negative psychological impact from Dubai and unwind the risk trade, sending the USD\/JPY lower as a result.<\/p>\n

Technically speaking, 85 appears to be the new psychological benchmark with 90 hanging far overhead.\u00a0 It\u2019s a bit troublesome to place supports on our chart right now due to limited historical reference.\u00a0 However, we can tell you that the 82.50-85 area proved to be a strong support area during the Spring\/Summer of 1995.\u00a0 Therefore, the USD\/JPY could experience similar support should the currency pair\u2019s the downturn continue.\u00a0 As for the topside, there are multiple downtrend lines serving as technical barriers as the long-term downtrend bears down on price.\u00a0 Therefore, the USD\/JPY will likely need strong support from the bulls to stage a noteworthy rally.<\/p>\n

Present Price: 86.55<\/p>\n

Resistances: 86.57, 86.81, 87.04, 87.22, 87.46, 87.72, 87.82<\/p>\n

Supports: 86.34, 86.20, 85.99, 85.74, 85.51, 85.22, 84.84, 84.60<\/p>\n

Psychological: 85, 80, 90<\/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 consolidating well above Friday lows after tipping over in reaction to the news from Dubai combined with last week\u2019s solid Japanese econ data.\u00a0 Meanwhile, the USD\/JPY is fighting to get back above December 2008 lows as U.S. equities and crude turn positive.\u00a0 Japan\u2019s Industrial Production number came in … <\/p>\n

Continue reading “USD\/JPY Fights to Get Back Above December 2008 Lows”<\/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-5019","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5019","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=5019"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5019\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}