{"id":6795,"date":"2010-02-12T11:00:31","date_gmt":"2010-02-12T16:00:31","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=6795"},"modified":"2010-02-12T11:00:31","modified_gmt":"2010-02-12T16:00:31","slug":"usdjpy-pops-following-strong-u-s-retail-sales-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/12\/usdjpy-pops-following-strong-u-s-retail-sales-data\/","title":{"rendered":"USD\/JPY Pops Following Strong U.S. Retail Sales Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY is extending its intraday gains in reaction to stronger than expected U.S. retail sales data.\u00a0 The increase in U.S. consumption is a positive for the economy and improves the outlook for demand for Japanese made goods.\u00a0 The USD\/JPY was already performing well today in reaction to disappointing EU GDP data and another hike in China\u2019s required reserve ratio.\u00a0 The slowdown in the EU economy and tighter liquidity measures from China are both negative developments for the risk trade and resulted in a leg up in the Dollar.\u00a0 The USD\/JPY opted to participate since the Dollar is being favored over the Yen due to stronger U.S. economic data, implying the Fed could tighten liquidity before the BoJ.\u00a0 Meanwhile, investors are awaiting Prelim UoM Consumer Sentiment data.\u00a0 The UoM data usually has a considerable impact on the Dollar, meaning the FX markets could remain volatile as the trading week comes to a close.\u00a0 Although U.S. markets will be closed on Monday for a bank holiday, Japan will release its Prelim GDP during Monday\u2019s Asia trading session.\u00a0 Therefore the USD\/JPY could be particularly volatile on Monday despite many investors taking the day off.\u00a0 Analysts are expecting Prelim GDP to print at 1.0%, compared to a downward revised 0.3% the last time around.<\/p>\n

Technically speaking, we\u2019ve shifted our trend lines to compensate for the USD\/JPY\u2019s upward movement over the past 24 hours.\u00a0 There are still multiple downtrend lines we can form to serve as technical barriers.\u00a0 Our 3rd tier could carry some extra weight since it runs through previous February highs.\u00a0 The USD\/JPY is currently trading back above its psychological 90 level.\u00a0 However, we\u2019ve seen how influential the 90 trading zone can be, meaning the USD\/JPY could have trouble breaking free.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with 2\/3, 2\/11, and 2\/10 lows.<\/p>\n

Present Price: 90.30<\/p>\n

Resistances: 90.32, 90.46, 90.70, 90.70, 90.82, 90.94<\/p>\n

Supports: 90.15, 89.99, 89.86, 89.72, 89.62., 89.50<\/p>\n

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

\"\"<\/a><\/p>\n

(click chart to enlarge)<\/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 extending its intraday gains in reaction to stronger than expected U.S. retail sales data.\u00a0 The increase in U.S. consumption is a positive for the economy and improves the outlook for demand for Japanese made goods.\u00a0 The USD\/JPY was already performing well today in reaction to disappointing EU GDP … <\/p>\n

Continue reading “USD\/JPY Pops Following Strong U.S. Retail Sales 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-6795","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6795","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=6795"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/6795\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=6795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=6795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=6795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}