{"id":7123,"date":"2010-02-25T12:30:41","date_gmt":"2010-02-25T17:30:41","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7123"},"modified":"2010-02-25T12:30:41","modified_gmt":"2010-02-25T17:30:41","slug":"usdjpy-slams-below-90","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/02\/25\/usdjpy-slams-below-90\/","title":{"rendered":"USD\/JPY Slams Below 90"},"content":{"rendered":"

The USD\/JPY has tumbled below its highly psychological 90 level as investors divert from the risk trade across the board.\u00a0 More uncertainty in Greece coupled with discouraging U.S. unemployment claims has sent investors towards safety, and the Yen is obviously clearly from this movement.\u00a0 Meanwhile, there has been no new news concerning the BoJ changing its neutral monetary policy stance.\u00a0 This stance is likely benefitting the Yen during moments of risk aversion since investors aren\u2019t pricing in looser liquidity in the near future.\u00a0 Japan will release CPI, industrial production, and retail sales data tomorrow.\u00a0 Attention will likely be focused on the Tokyo Core CPI since the DPJ\u2019s \"\"<\/a>concern about deflation has been at the center of conversations lately.\u00a0 Should consumer prices print weaker than anticipated the administration could place more pressure on the BoJ to loosen liquidity.\u00a0 On to other hand, solid CPI data could benefit the Yen since such a development could relieve pressure from the BoJ to take action.\u00a0 The UK will release Revised GDP data tomorrow followed by Prelim GDP numbers from the U.S.\u00a0 Hence, the FX markets could end the trading week on a volatile note.<\/p>\n

Technically speaking, the USD\/JPY has dropped beneath our 3rd tier uptrend line and has our 1st and 2nd tiers serving as supports for the time being.\u00a0 Meanwhile, the USD\/JPY is getting closer to a retest of February lows, so it will be interesting to see if the currency pair can stabilize from here.\u00a0 As for the topside, the USD\/JPY faces multiple downtrend lines and the psychological 90 area is now serving as a technical barrier.<\/p>\n

Present Price: 89.02<\/p>\n

Resistances: 89.10, 89.19, 89.28, 89.41, 89.54, 89.67<\/p>\n

Supports: 88.93, 88.85, 88.73, 88.54, 88.36, 88.26<\/p>\n

Psychological: 90, February 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":"

The USD\/JPY has tumbled below its highly psychological 90 level as investors divert from the risk trade across the board.\u00a0 More uncertainty in Greece coupled with discouraging U.S. unemployment claims has sent investors towards safety, and the Yen is obviously clearly from this movement.\u00a0 Meanwhile, there has been no new news concerning the BoJ changing … <\/p>\n

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