{"id":5456,"date":"2009-12-22T11:15:17","date_gmt":"2009-12-22T16:15:17","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5456"},"modified":"2009-12-22T11:15:17","modified_gmt":"2009-12-22T16:15:17","slug":"usdjpy-pops-past-our-4th-tier-downtrend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/22\/usdjpy-pops-past-our-4th-tier-downtrend-line\/","title":{"rendered":"USD\/JPY Pops Past our 4th Tier Downtrend Line"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY has popped past our 4th tier downtrend line as the currency pair continues to log encouraging gains above the psychological 90 level.\u00a0 Investors snapped up the Yen after BoJ Shirakawa stated the central bank will keep its benchmark rate near zero until there is a considerable recovery in prices.\u00a0 The DPJ has stressed its disapproval of deflation, and it seems the BoJ is falling in line with the Finance Ministry\u2019s desires.\u00a0 The concept of a very dovish monetary stance from the BoJ combined with an improving outlook for U.S. economic performance has led investors to favor the Dollar over the Yen.\u00a0 However, the USD\/JPY is trading off of intraday highs right now after U.S. Final GDP printed 6 basis points below analyst expectations.\u00a0 Should today\u2019s U.S. Existing Homes Sales data also disappoint, investors may be encouraged to lock in profits on the USD\/JPY as investor confidence in the U.S. confidence takes a step back.\u00a0 On the other hand, impressive housing data may allow the USD\/JPY to piece together further intraday gains.\u00a0 The U.S. will release more housing data tomorrow in the form of New Home Sales along with the release of Britain\u2019s Monetary Policy Minutes.\u00a0 Hence, we may witness further volatility in the FX markets due to the combination of key econ data releases and lower volume as investors take off for Christmas vacation.<\/p>\n

Technically speaking, the USD\/JPY\u2019s movement above our 4th tier downtrend line is an encouraging development since it runs through 8\/13 levels, or the psychological 95 area.\u00a0 Meanwhile, the USD\/JPY does face topside technical barriers in the form of our 5th tier downtrend line, 10\/30 highs, and 10\/26 highs.\u00a0 Furthermore, the psychological 90 area could still play a role considering how tough the trading zone has been to overcome in the past.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with 12\/21, 12\/18, and 12\/14 lows.\u00a0 Meanwhile, the psychological 90 level should serve as a technical cushion.<\/p>\n

Present Price: 91.53<\/p>\n

Resistances: 91.59, 91.71, 91.94, 92.04, 92.17, 92.35<\/p>\n

Supports: 91.22, 91.05, 90.94, 90.76, 90.58, 90.36<\/p>\n

Psychological: 90, December Highs<\/p>\n

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

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

Disclaimer:<\/strong> 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> 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 has popped past our 4th tier downtrend line as the currency pair continues to log encouraging gains above the psychological 90 level.\u00a0 Investors snapped up the Yen after BoJ Shirakawa stated the central bank will keep its benchmark rate near zero until there is a considerable recovery in prices.\u00a0 … <\/p>\n

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