{"id":5710,"date":"2010-01-07T11:59:39","date_gmt":"2010-01-07T16:59:39","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5710"},"modified":"2010-01-07T11:59:39","modified_gmt":"2010-01-07T16:59:39","slug":"usdjpy-pops-on-fujis-resignation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/07\/usdjpy-pops-on-fujis-resignation\/","title":{"rendered":"USD\/JPY Pops on Fuji\u2019s Resignation"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is popping past previous January highs on the news that Finance Minister Fuji is resigning for health reasons.\u00a0 Fuji\u2019s replacement, Naoto Kan, has already established a more dovish monetary stance after expressing his preference for a weaker Yen.\u00a0 Kan\u2019s approach counteracts Fuji\u2019s more neutral monetary stance, encouraging investors to sell-off the Yen, a positive development for the USD\/JPY.\u00a0 Meanwhile, the FX markets continue to exhibit strength in the Greenback, highlighted by weakness in the EUR\/USD and Cable.\u00a0 Hence, not only is the USD\/JPY benefitting from Fuji\u2019s resignation but also broad-based Dollar strength.\u00a0\u00a0 Investors are continuing to eye tomorrow\u2019s U.S. economic data set.\u00a0 The U.S. will print its headline Unemployment Rate and Employment Change data.\u00a0 Since a turnaround in U.S. employment data triggered December\u2019s Dollar rally, tomorrow\u2019s data set could carry some added weight.\u00a0 Therefore, more impressive U.S. employment data could benefit the USD\/JPY once again.\u00a0 On the other hand, disappointing data could stymie the USD\/JPY\u2019s current rally.<\/p>\n

Technically speaking, the USD\/JPY overcame some notable topside barriers during the month of December, most notably the psychological 90 level and a few heavily-weighted downtrend lines.\u00a0 Speaking of downtrend lines, the USD\/JPY just broke through what is now our 1st tier downtrend line.\u00a0 Our 1st tier runs through August highs.\u00a0 Therefore, should the USD\/JPY create some topside separation we could potentially witness a run towards the 97.50 area.\u00a0 Meanwhile, the USD\/JPY faces multiple downtrend lines along with September highs and the psychological 95 zone.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with intraday and 1\/05 lows.\u00a0 Furthermore, the psychological 90 area could serve as a suitable cushion should it be tested.<\/p>\n

Present Price: 93.17<\/p>\n

Resistances: 93.21, 93.39, 93.60, 93.81, 94.08, 94.30<\/p>\n

Supports: 92.94, 92.69, 92.46, 92.26, 92.07, 91.90<\/p>\n

Psychological: 95, 90, January and September Highs<\/p>\n

(click to enlarge)<\/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 popping past previous January highs on the news that Finance Minister Fuji is resigning for health reasons.\u00a0 Fuji\u2019s replacement, Naoto Kan, has already established a more dovish monetary stance after expressing his preference for a weaker Yen.\u00a0 Kan\u2019s approach counteracts Fuji\u2019s more neutral monetary stance, encouraging investors to … <\/p>\n

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