{"id":6391,"date":"2010-01-29T13:30:05","date_gmt":"2010-01-29T18:30:05","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6391"},"modified":"2010-01-29T13:30:05","modified_gmt":"2010-01-29T18:30:05","slug":"usdjpy-pops-on-strong-u-s-data-set","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/29\/usdjpy-pops-on-strong-u-s-data-set\/","title":{"rendered":"USD\/JPY Pops on Strong U.S. Data Set"},"content":{"rendered":"

By Fast Brokers <\/strong>– The USD\/JPY has popped past 1\/22 highs in reaction to stronger than expected U.S. GDP, Chicago PMI, and Revised UoM data.\u00a0 The altogether positive U.S. data set has resulted in broad-based Dollar strength and the USD\/JPY is certainly partaking in the action.\u00a0 The encouraging U.S. data comes in the wake of mixed econ data from Japan during today\u2019s Asia trading session.\u00a0 Although Household Spending came in hotter than expected, both the Tokyo Core CPI and Prelim Industrial Production printed below analyst expectations.\u00a0 Hence, we can deduce that a stronger Yen has dragged prices lower, spurring consumption and decreasing demand for Japanese goods.\u00a0 The key element of today\u2019s data set is the decline in CPI to -2%.\u00a0 Both the BoJ and DPJ have been vocal about combating deflationary pressures.\u00a0 Hence, should deflation persist the BoJ may be inclined to take action, and it seems the USD\/JPY is already pricing in this realization today.\u00a0 Meanwhile, it will be interesting to see how the session plays out considering how volatile it has been thus far.\u00a0 China will kick off next week by releasing Manufacturing PMI.\u00a0 China\u2019s economic performance has a large impact on Japan considering their close commercial relationship.\u00a0 Hence, activity in the Yen could remain at a heightened state as next week\u2019s trading session begins.<\/p>\n

Technically speaking, the USD\/JPY has multiple uptrend lines serving as technical cushions along with 1\/19 and 1\/22 lows.\u00a0 As for the topside, the USD\/JPY faces multiple downtrend lines along with intraday and 1\/20 highs.\u00a0 Furthermore, the .90 area could continue to have a psychological influence on the USD\/JPY over the near-term should the USD\/JPY\u2019s upward momentum cool down as the session progresses.<\/p>\n

Present Price: 90.74<\/p>\n

Resistances: 90.75, 90.90, 91.05, 91.24, 91.43, 91.57<\/p>\n

Supports: 90.57, 90.43, 90.27, 90.10, 89.90, 89.72<\/p>\n

Psychological: 90, January highs and lows<\/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 has popped past 1\/22 highs in reaction to stronger than expected U.S. GDP, Chicago PMI, and Revised UoM data.\u00a0 The altogether positive U.S. data set has resulted in broad-based Dollar strength and the USD\/JPY is certainly partaking in the action.\u00a0 The encouraging U.S. data comes in the wake of … <\/p>\n

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