{"id":5741,"date":"2010-01-08T11:05:55","date_gmt":"2010-01-08T16:05:55","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5741"},"modified":"2010-01-08T11:05:55","modified_gmt":"2010-01-08T16:05:55","slug":"usdjpy-dips-on-kan-remarks-and-negative-u-s-jobs-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/08\/usdjpy-dips-on-kan-remarks-and-negative-u-s-jobs-data\/","title":{"rendered":"USD\/JPY Dips on Kan Remarks and Negative U.S. Jobs Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY was negated by our 3rd tier downtrend line and is sinking during the U.S. trading session as investors react to a weaker than expected U.S. Employment Change figure.\u00a0 The pullback in employment data appears to be delivering a blow to the FX market as we witness Dollar weakness across the board.\u00a0 Investors should keep in mind that the Dollar\u2019s December rally was triggered by a turnaround in U.S. employment.\u00a0 Hence, it\u2019s understandable that investors are selling the Greenback in reaction to today\u2019s data release.\u00a0 In addition to the discouraging U.S. jobs data, Yen investors are also reacting to remarks from Finance Minister Kan.\u00a0 Recall that yesterday\u2019s pop in the USD\/JPY was instigated by Kan stating that he may favor a weaker Yen to support Japan\u2019s struggling manufacturing sector.\u00a0 However, Kan revised his comments today and explained that currencies should be determined by market forces.\u00a0 On the other hand, the government may intervene should the Yen reach abnormal levels.\u00a0 Kan\u2019s retreat is very similar to when Fuji clarified his own aggressive monetary comments after taking office last year.\u00a0 In all, Kan\u2019s more moderate monetary comment is cooling the USD\/JPY\u2019s upward momentum.<\/p>\n

Technically speaking, the USD\/JPY\u2019s uptrend is still intact and the currency pair is setting higher lows.\u00a0 Meanwhile, the USD\/JPY faces topside technical barriers in the form of our multiple downtrend lines along with 1\/07 highs.\u00a0 Our 3rd tier downtrend line runs through August \u201909 levels.\u00a0 Hence, a clear breakout above this downtrend line could signal a more prolonged uptrend and a potential retest of the highly psychological 100 area over the medium-term.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with 1\/7, 1\/5, and 12\/24 lows.\u00a0 Furthermore, the psychological 90 area could serve as a technical cushion should conditions deteriorate.\u00a0 Meanwhile, investors should monitor broad-based activity in the Dollar to determine whether today\u2019s U.S. jobs data will have a large impact on the major Dollar pairs as the trading session progresses.<\/p>\n

Present Price: 92.47<\/p>\n

Resistances: 92.47, 92.63, 92.83, 93.21, 93.44, 93.77<\/p>\n

Supports: 92.26, 92.04, 91.88, 91.45, 91.22<\/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 was negated by our 3rd tier downtrend line and is sinking during the U.S. trading session as investors react to a weaker than expected U.S. Employment Change figure.\u00a0 The pullback in employment data appears to be delivering a blow to the FX market as we witness Dollar weakness across … <\/p>\n

Continue reading “USD\/JPY Dips on Kan Remarks and Negative U.S. Jobs Data”<\/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-5741","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5741","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=5741"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5741\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}