{"id":5835,"date":"2010-01-13T11:41:12","date_gmt":"2010-01-13T16:41:12","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5835"},"modified":"2010-01-13T11:41:12","modified_gmt":"2010-01-13T16:41:12","slug":"usdjpy-consolidates-after-hefty-selloff","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/13\/usdjpy-consolidates-after-hefty-selloff\/","title":{"rendered":"USD\/JPY Consolidates after Hefty Selloff"},"content":{"rendered":"

By Fast Brokers <\/strong>– The USD\/JPY is consolidating above yesterday\u2019s lows as investors take advantage of oversold conditions.\u00a0 Meanwhile, we notice the Dollar is moving in lockstep since the USD\/JPY is exhibiting a negative correlation with the EUR\/USD and GBP\/USD.\u00a0 Japan has Core Machinery Orders on deck and investors are expecting growth of 0.3%.\u00a0 However, more attention will likely be paid to tomorrow\u2019s U.S. Retail Sales data.\u00a0 This week\u2019s U.S. Trade Balance data revealed an improvement in imports.\u00a0 Therefore, it is possible tomorrow\u2019s retail sales data could impress.\u00a0 Such a development would be positive for Japan\u2019s economy since it would imply demand for Japanese manufactured goods.\u00a0 For the time being investors should keep an eye on the Dollar\u2019s other major crosses for any key direction movements since the Dollar correlation is in full effect.<\/p>\n

Technically speaking, the USD\/JPY has rebounded nicely above our 3rd tire uptrend line while avoiding a retest of the highly psychological 90 level.\u00a0 Furthermore, the USD\/JPY is now trading back above 1\/5 highs, a positive technical development for the currency pair.\u00a0 However, the USD\/JPY does face multiple downtrend lines along with 12\/23 and 1\/11 highs.\u00a0 As for the downside, the USD\/JPY still has multiple uptrend lines serving as technical cushions along with 1\/12 and 12\/21 lows.\u00a0 Additionally, the psychological 90 level could serve as a reliable support should it be tested.<\/p>\n

Present Price: 91.39<\/p>\n

Resistances: 91.45, 91.61, 91.88, 92.13, 92.30, 93.47<\/p>\n

Supports: 91.22, 90.96, 90.80, 90.54, 90.24, 90.05<\/p>\n

Psychological: 95, 90, January highs and lows<\/p>\n

click to enlarge chart<\/em><\/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 above yesterday\u2019s lows as investors take advantage of oversold conditions.\u00a0 Meanwhile, we notice the Dollar is moving in lockstep since the USD\/JPY is exhibiting a negative correlation with the EUR\/USD and GBP\/USD.\u00a0 Japan has Core Machinery Orders on deck and investors are expecting growth of 0.3%.\u00a0 However, … <\/p>\n

Continue reading “USD\/JPY Consolidates after Hefty Selloff”<\/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-5835","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5835","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=5835"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5835\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}