{"id":5907,"date":"2010-01-15T13:56:38","date_gmt":"2010-01-15T18:56:38","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5907"},"modified":"2010-01-15T13:56:38","modified_gmt":"2010-01-15T18:56:38","slug":"usdjpy-moves-sideways-amid-broad-dollar-appreciation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/15\/usdjpy-moves-sideways-amid-broad-dollar-appreciation\/","title":{"rendered":"USD\/JPY Moves Sideways Amid Broad Dollar Appreciation"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY reacted negatively to disappointing U.S. UoM Consumer Sentiment data as the Dollar appreciated across the board.\u00a0 Today\u2019s disappointing wave of data coupled with cautionary language regarding Greece\u2019s economy and hawkish behavior in China spurred risk-averse movements in currencies which has carried over into the U.S. session.\u00a0 However, data from Japan hasn\u2019t been too encouraging either and Finance Minister Kan has exhibited a more dovish monetary stance since taking office.\u00a0 Therefore, the USD\/JPY is being pulled back and forth as investors debate which currency to favor for the time being, resulting in consolidation around 1\/12 lows and what is now our 2nd tier uptrend line.\u00a0 That being said, the USD\/JPY appears to be exhibiting somewhat of a positive correlation with gold and the Cable.\u00a0 Therefore, investors should monitor the Dollar for further broad-based appreciation since the USD\/JPY may apt to participate more should more supports be taken out in the Cable and\/or gold.\u00a0 Shirakawa will address the general public during Monday\u2019s Asia trading session and investors will be paying close attention to see whether recent dovish statements from Kan have carried over to the BoJ.\u00a0 However, the wire will be quiet in the West on Monday, meaning activity may not pick up until Tuesday.<\/p>\n

Technically speaking, the USD\/JPY has our 1st and 2nd tier uptrend lines serving as technical cushions along with intraday lows and the highly psychological 90 level should it be tested.\u00a0 As for the topside, the USD\/JPY faces multiple downtrend lines along with 1\/14 and 1\/12 highs.<\/p>\n

Present Price: 90.79<\/p>\n

Resistances: 90.75, 90.91, 91.15, 91.38, 91.55, 91.82<\/p>\n

Supports: 90.54, 90.37, 90.24, 90.05, 89.86, 89.72<\/p>\n

Psychological: 90, January highs and lows<\/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 reacted negatively to disappointing U.S. UoM Consumer Sentiment data as the Dollar appreciated across the board.\u00a0 Today\u2019s disappointing wave of data coupled with cautionary language regarding Greece\u2019s economy and hawkish behavior in China spurred risk-averse movements in currencies which has carried over into the U.S. session.\u00a0 However, data from … <\/p>\n

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