{"id":5062,"date":"2009-12-02T12:05:33","date_gmt":"2009-12-02T17:05:33","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5062"},"modified":"2009-12-02T12:05:33","modified_gmt":"2009-12-02T17:05:33","slug":"usdjpy-consolidates-around-87","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/02\/usdjpy-consolidates-around-87\/","title":{"rendered":"USD\/JPY Consolidates Around 87"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is consolidating following a muted reaction to yesterday\u2019s emergency BoJ meeting.\u00a0 As we highlighted in yesterday\u2019s commentary, the BoJ made 10 trillion Yen available for loans to commercial banks at the central bank\u2019s 0.1% benchmark rate.\u00a0 Investors still don\u2019t seem too impressed by the results of yesterday\u2019s emergency meeting since many bulls were hoping for more excessive QE measures.\u00a0 Therefore, although yesterday\u2019s decision by the BoJ may have stabilized the USD\/JPY, thus far it hasn\u2019t been enough to cause any noteworthy devaluation of the Yen.\u00a0 Hence, it will be interesting to see whether Japan\u2019s Finance Ministry applies more pressure on the BoJ to use more tools to fight a strengthening Yen.\u00a0 Meanwhile, focus is shifting back to the EU and U.S.\u00a0 The ECB will make a monetary policy decision of its own tomorrow and the U.S. will release weekly Unemployment Claims along with ISM Non-Manufacturing PMI data.\u00a0\u00a0 Hence, FX markets could be in for a busy 24-48 hours.<\/p>\n

Technically speaking, 85 continues to serve as a psychological cushion while 90 hangs 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 Tuesday\u2019s 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.\u00a0 Meanwhile, an encouraging development would be for the USD\/JPY to move back above January \u201909 and October \u201909 lows.<\/p>\n

Present Price: 87.07<\/p>\n

Resistances: 87.36, 87.51, 87.72, 87.82, 87.94, 88.13, 88.39<\/p>\n

Supports: 86.96, 86.69, 86.49, 86.30, 86.14, 85.99, 85.74<\/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 is consolidating following a muted reaction to yesterday\u2019s emergency BoJ meeting.\u00a0 As we highlighted in yesterday\u2019s commentary, the BoJ made 10 trillion Yen available for loans to commercial banks at the central bank\u2019s 0.1% benchmark rate.\u00a0 Investors still don\u2019t seem too impressed by the results of yesterday\u2019s emergency meeting … <\/p>\n

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