{"id":5263,"date":"2009-12-14T12:27:13","date_gmt":"2009-12-14T17:27:13","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5263"},"modified":"2009-12-14T12:27:13","modified_gmt":"2009-12-14T17:27:13","slug":"usdjpy-fluctuates-around-90","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/14\/usdjpy-fluctuates-around-90\/","title":{"rendered":"USD\/JPY Fluctuates Around 90"},"content":{"rendered":"

By Fast Brokers <\/strong>– Friday\u2019s rally lost steam as the USD\/JPY was deflected from our 2nd tier uptrend line.\u00a0 The USD\/JPY neglected to retest the highly psychological 90 level again despite another broad-based wave of Dollar strength in reaction to positive U.S. consumption data.\u00a0 However, the USD\/JPY is still trading well above 12\/9 lows, indicating the currency pair may be awaiting a signal from other major Dollar pairs.\u00a0 That being said, both the EUR\/USD and GBP\/USD are currently testing the patience of some key uptrend lines, meaning another leg down in these currency pairs could be in the making.\u00a0 However, it remains to be seen how the USD\/JPY would react to such a movement since the USD\/JPY\u2019s behavior depends on whether a pullback stems from risk-aversion or broad Dollar strength.\u00a0 Hence, investors may want to keep an eye on tomorrow\u2019s key econ data releases, highlighted by U.S. PPI, Industrial Production, and TIC Long-Term Purchases.\u00a0 Should tomorrow\u2019s set of U.S. data outperform again, we could experience another leg up in the Dollar, a positive development for the USD\/JPY.\u00a0 Meanwhile, Japan released economic data of its own.\u00a0 Japan\u2019s Tankan Manufacturing Index printed stronger than analyst expectations, resulting in a slight Yen bounce during the Asia trading session.<\/p>\n

Technically speaking, the USD\/JPY is presently locked between our 2nd tier downtrend and 3rd tier uptrend lines, a supportive environment for further intraday consolidation.\u00a0 As for the topside, the currency pair faces multiple downtrend lines along with the highly psychological 90 area 12\/11 highs and 12\/7 highs.\u00a0 As for the downside, the USD\/JPY has built a comfort zone between present price and our uptrend lines.\u00a0 Additionally, the USD\/JPY has 11\/23, 12\/8, and 12\/9 lows serving as technical cushions.<\/p>\n

Present Price: 88.50<\/p>\n

Resistances: 89.60, 88.77, 88.97, 89.14, 89.41, 89.66<\/p>\n

Supports: 88.34, 88.15, 87.89, 87.70, 87.56, 87.35<\/p>\n

Psychological: 90, December Highs and 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 – Friday\u2019s rally lost steam as the USD\/JPY was deflected from our 2nd tier uptrend line.\u00a0 The USD\/JPY neglected to retest the highly psychological 90 level again despite another broad-based wave of Dollar strength in reaction to positive U.S. consumption data.\u00a0 However, the USD\/JPY is still trading well above 12\/9 lows, indicating … <\/p>\n

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