{"id":6475,"date":"2010-02-02T12:15:39","date_gmt":"2010-02-02T17:15:39","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6475"},"modified":"2010-02-02T12:15:39","modified_gmt":"2010-02-02T17:15:39","slug":"usdjpy-remains-range-bound","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/02\/usdjpy-remains-range-bound\/","title":{"rendered":"USD\/JPY Remains Range-Bound"},"content":{"rendered":"

By Fast Brokers <\/strong>– The USD\/JPY is trading off of intraday highs after rallying in light of the RBA keeping its benchmark rate unchanged.\u00a0 The RBA\u2019s decision led to risk aversion, benefitting the USD\/JPY.\u00a0 Additionally, Japan\u2019s Average Cash Earnings data printed much weaker than analyst expectations, leading investors to favor the Dollar over the Yen in light of recent impressive U.S. economic data.\u00a0 However, the USD\/JPY is drifting back towards its psychological 90 level as analysts await U.S. Pending Home Sales.\u00a0 The USD\/JPY\u2019s behavior has been a bit unpredictable as of late considering the market turmoil taking place around the globe.\u00a0 Meanwhile, it seems the BoJ\u2019s commitment to a loose monetary policy coupled with strong U.S. economic data has resulted in an upward momentum in the USD\/JPY.\u00a0 This momentum could be tested soon considering the U.S. will also release Services PMI and ADP Non-Farm Employment Change data tomorrow.\u00a0 Should U.S. data releases disappoint, this would likely drive the USD\/JPY lower, and vice versa.<\/p>\n

Technically speaking, the USD\/JPY has multiple uptrend lines serving as technical cushions along with 1\/28 and 1\/22 lows.\u00a0 As for the topside, the USD\/JPY faces multiple downtrend lines along with 1\/29 and 1\/20 highs.\u00a0 Furthermore, the .90 area could continue to have a psychological influence on the USD\/JPY over the near-term.<\/p>\n

Present Price: 90.33<\/p>\n

Resistances: 90.46, 90.56, 90.69, 90.90, 91.04, 91.24<\/p>\n

Supports: 90.22, 90.08, 89.97, 89.77, 89.58, 89.36<\/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 is trading off of intraday highs after rallying in light of the RBA keeping its benchmark rate unchanged.\u00a0 The RBA\u2019s decision led to risk aversion, benefitting the USD\/JPY.\u00a0 Additionally, Japan\u2019s Average Cash Earnings data printed much weaker than analyst expectations, leading investors to favor the Dollar over the Yen … <\/p>\n

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