{"id":7052,"date":"2010-02-23T12:14:52","date_gmt":"2010-02-23T17:14:52","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7052"},"modified":"2010-02-23T12:14:52","modified_gmt":"2010-02-23T17:14:52","slug":"usdjpy-extends-losses-yet-holds-above-90","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/23\/usdjpy-extends-losses-yet-holds-above-90\/","title":{"rendered":"USD\/JPY Extends Losses Yet Holds Above 90"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY extended yesterday\u2019s pullback amid disagreements between the government and central bank in regards to monetary policy.\u00a0 While the government wants a looser monetary policy to help counter deflationary pressures and prop up the economy, the BoJ is holding steadfast in its intent to avoid additional monetary creation.\u00a0 The BoJ\u2019s tight stance despite mounting pressure has led investors back to the Yen with the expansion of QE measures looking less likely for the time being.\u00a0 Meanwhile, upcoming U.S. and Japanese economic \"\"<\/a>data could create some volatility in the USD\/JPY due to the uncertainty surrounding policy.\u00a0 Stronger than expected U.S. data could favor the USD\/JPY, and vice versa.\u00a0 On the flipside, strong economic data from Japan could place further downward pressure on the USD\/JPY with investors expecting the continuation of a neutral monetary policy.\u00a0 Japan will release its Trade Balance data during tomorrow\u2019s Asia trading session followed by New Home Sales from the U.S. along with Bernanke\u2019s testimony before Congress.\u00a0 Hence, activity could pick up in the USD\/JPY over the next 24-48 hours.<\/p>\n

Technically speaking, the USD\/JPY has multiple downtrend lines serving as technical barriers along with intraday and 2\/17 and 2\/19 highs.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with 2\/17, 2\/16 and 2\/12 lows.\u00a0 Furthermore, the highly psychological 90 level could serve as a technical cushion should it be retested.<\/p>\n

Present Price: 90.71<\/p>\n

Resistances: 90.92, 91.03, 91.13, 91.28, 91.37, 91.46<\/p>\n

Supports: 90.66, 90.53, 90.47, 90.33, 90.24, 90.12<\/p>\n

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

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

(click 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 extended yesterday\u2019s pullback amid disagreements between the government and central bank in regards to monetary policy.\u00a0 While the government wants a looser monetary policy to help counter deflationary pressures and prop up the economy, the BoJ is holding steadfast in its intent to avoid additional monetary creation.\u00a0 The BoJ\u2019s … <\/p>\n

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