{"id":5509,"date":"2009-12-24T09:37:14","date_gmt":"2009-12-24T14:37:14","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5509"},"modified":"2009-12-24T09:37:14","modified_gmt":"2009-12-24T14:37:14","slug":"usdjpy-rally-tops-out-as-dollar-weakens","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/24\/usdjpy-rally-tops-out-as-dollar-weakens\/","title":{"rendered":"USD\/JPY Rally Tops Out as Dollar Weakens"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY\u2019s recent rally seems to be topping out as investors lock-in profits on the Dollar.\u00a0 Today\u2019s weakness in the USD\/JPY comes despite a reiteration from the BoJ that the central bank is intent on fighting deflation, implying an accommodative monetary policy for the foreseeable future.\u00a0 Such a hawkish monetary stance is positive news for the USD\/JPY so long as U.S. economic data continues to recover over the near-term.\u00a0 That being said, yesterday\u2019s U.S. data set was discouraging, particularly the pullback in New Home Sales.\u00a0 Yesterday\u2019s negative U.S. economic data is the culprit behind present profit-taking in the Dollar, and it will be interesting to see how the Greenback reactions to today\u2019s releases.\u00a0 Today the U.S. will print weekly Unemployment Claims and Durable Goods Orders.\u00a0 The U.S. DGO data could be a market mover for the USD\/JPY since Japan\u2019s economy is dependent upon export demand to the U.S.\u00a0 Japan will join the data wire with Household Spending and Tokyo Core CPI during the evening trading session.\u00a0 Investors will be honing in on Japan\u2019s Tokyo CPI data since a weak number could support the BoJ\u2019s recent hawkish monetary policy statements.\u00a0 Meanwhile, activity should cool down as the trading session progresses as investors check out for the Christmas holiday.<\/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\/26 highs, and 9\/21 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 should it be tested.<\/p>\n

Present Price: 91.53<\/p>\n

Resistances: 91.47, 91.59, 91.80, 91.94, 92.04, 92.17, 92.35<\/p>\n

Supports: 91.22, 91.08, 90.92, 90.76, 90.58, 90.36<\/p>\n

Psychological: 90, October 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\u2019s recent rally seems to be topping out as investors lock-in profits on the Dollar.\u00a0 Today\u2019s weakness in the USD\/JPY comes despite a reiteration from the BoJ that the central bank is intent on fighting deflation, implying an accommodative monetary policy for the foreseeable future.\u00a0 Such a hawkish monetary stance … <\/p>\n

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