{"id":5047,"date":"2009-12-01T13:53:23","date_gmt":"2009-12-01T18:53:23","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5047"},"modified":"2009-12-01T13:53:23","modified_gmt":"2009-12-01T18:53:23","slug":"usdjpy-pops-and-fades-with-emergency-boj-meeting","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/01\/usdjpy-pops-and-fades-with-emergency-boj-meeting\/","title":{"rendered":"USD\/JPY Pops and Fades with Emergency BoJ Meeting"},"content":{"rendered":"

By Fast Brokers <\/strong>– The USD\/JPY experienced a solid rally during the Asia trading sessions after the BoJ called an emergency meeting to confront a strengthening Yen and deflationary pressures.\u00a0 The prospect of governmental intervention in the currency markets resulted in a selloff in the Yen with investors expecting either a large purchase Yen or QE measures.\u00a0 However, the USD\/JPY has since relinquished most of its intraday gains after the BoJ decided to make 10 trillion Yen available for loans to Japanese banks at the BoJ\u2019s 0.1% benchmark rate, or essentially free loans.\u00a0 Investors don\u2019t seem too impressed by the results of the emergency meeting considering the post-meeting reaction of the USD\/JPY.\u00a0 However, we will have to see how the day pans out as investors digest today\u2019s events.\u00a0 Meanwhile, China\u2019s Manufacturing PMI data printed in line with analyst expectations and the RBA decided to increase its benchmark rate by another 25 basis points.\u00a0 The positive signals from these other major Pacific economies increases the outlook in demand for Japanese exports and services despite the Yen\u2019s recent wave of appreciation.\u00a0 Such developments seem to be benefitting the Yen as the USD\/JPY drops back towards Monday\u2019s levels.<\/p>\n

Technically speaking, 85 seems to be the new psychological benchmark with 90 hanging far overhead.\u00a0 Should conditions deteriorate below 85, we notice 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 downturn continue.\u00a0 As for the topside, there are multiple downtrend lines serving as technical barriers along with intraday highs as the long-term downtrend bears down on price.\u00a0 Hence, the USD\/JPY has its work cut out for it to the topside should the currency pair want to re-challenge the highly psychological 90 level.<\/p>\n

Present Price: 86.85<\/p>\n

Resistances: 87.04, 87.22, 87.51, 87.72, 87.82, 87.94, 88.13<\/p>\n

Supports: 86.80, 86.64, 86.49, 86.30, 86.14, 85.99, 85.74, 85.51<\/p>\n

Psychological: 85, 90, 80<\/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 experienced a solid rally during the Asia trading sessions after the BoJ called an emergency meeting to confront a strengthening Yen and deflationary pressures.\u00a0 The prospect of governmental intervention in the currency markets resulted in a selloff in the Yen with investors expecting either a large purchase Yen or … <\/p>\n

Continue reading “USD\/JPY Pops and Fades with Emergency BoJ Meeting”<\/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-5047","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5047","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=5047"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5047\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}