{"id":5547,"date":"2009-12-29T10:56:28","date_gmt":"2009-12-29T15:56:28","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5547"},"modified":"2009-12-29T10:56:28","modified_gmt":"2009-12-29T15:56:28","slug":"usdjpy-inches-higher-towards-december-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/29\/usdjpy-inches-higher-towards-december-highs\/","title":{"rendered":"USD\/JPY Inches Higher Towards December Highs"},"content":{"rendered":"

By Fast Brokers <\/strong>– The USD\/JPY is consolidating with an upward bias despite pops in both the EUR\/USD and GBP\/USD.\u00a0 Hence, the USD\/JPY seems to be trading on its own fundamentals rather than its correlation with the Dollar.\u00a0 That being said, the USD\/JPY is likely deriving its strength from last week\u2019s statement from the BoJ implying that the central bank plans on maintaining its loose monetary policy for the foreseeable future, or at least until there is a considerable recovery in prices.\u00a0 Hence, last week\u2019s -1.9% Tokyo Core CPI reading indicates investors likely won\u2019t see tightening from the BoJ for quite some time.\u00a0 Meanwhile, investors are expected the Fed to begin reigning in its alternative liquidity measures next year, giving the Dollar a relative strength over the Yen for the time being.\u00a0 However, mixed U.S. econ data last week is holding back the USD\/JPY\u2019s rally as investors lose a bit of confidence in the U.S. recovery and take this as an opportunity to lock-in recent Dollar gains.\u00a0 As a result, the USD\/JPY is deadlining until we receive some more U.S. econ data.\u00a0 The U.S. will release some HPI and CBI Consumer Confidence today, which would normally be market movers.\u00a0 However, activity around the FX market is subdued right now since we\u2019re in another holiday-shortened week.<\/p>\n

Technically speaking, the USD\/JPY is encountering some key downtrend lines.\u00a0 Our 2nd and 3rd tier downtrend lines run through April and August highs, respectively.\u00a0 Hence, should the USD\/JPY clear these two downtrend lines, we could see the USD\/JPY extend its present uptrend towards the highly psychological 100 level again over the medium-term.\u00a0\u00a0 Meanwhile, the USD\/JPY faces addition topside technical barriers in the form of October and September highs.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with 12\/24 and 12\/21 lows.\u00a0 Furthermore, the highly psychological 90 level could serve as a strong support area should it be tested.<\/p>\n

Present Price: 91.78<\/p>\n

Resistances: 91.80, 91.94, 92.04, 92.17, 92.35, 92.49<\/p>\n

Supports: 91.60, 91.43, 91.25, 91.08, 90.92, 90.76<\/p>\n

Psychological: 90, October and September 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 is consolidating with an upward bias despite pops in both the EUR\/USD and GBP\/USD.\u00a0 Hence, the USD\/JPY seems to be trading on its own fundamentals rather than its correlation with the Dollar.\u00a0 That being said, the USD\/JPY is likely deriving its strength from last week\u2019s statement from the BoJ … <\/p>\n

Continue reading “USD\/JPY Inches Higher Towards December Highs”<\/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-5547","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5547","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=5547"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5547\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}