{"id":7322,"date":"2010-03-04T12:36:38","date_gmt":"2010-03-04T17:36:38","guid":{"rendered":"http:\/\/countingpips.com\/fx\/2010\/03\/04\/usdjpy-surges-after-days-of-steady-decline\/"},"modified":"2010-03-04T12:36:38","modified_gmt":"2010-03-04T17:36:38","slug":"usdjpy-surges-after-days-of-steady-decline","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/04\/usdjpy-surges-after-days-of-steady-decline\/","title":{"rendered":"USD\/JPY Surges After Days of Steady Decline"},"content":{"rendered":"

The USD\/JPY is experiencing a large topside movement during the U.S trading session following yesterday\u2019s sizable pullback in the currency pair.\u00a0 There are presently no visible headlines giving a concrete reason for the Yen\u2019s relative weakness.\u00a0 However, there is something at work right now considering the extent of the Yen\u2019s pullback.\u00a0 Perhaps \"\"<\/a>oversold conditions are driving the USD\/JPY higher, though the gains seem a bit abrupt to be derived from oversold factors.\u00a0 Hence, investors should keep an eye on the news wire for information detailing the Yen\u2019s weakness.\u00a0 Meanwhile, we are witnessing broad based strength in the Dollar following disappointing U.S. Pending Home Sales data.\u00a0 Although Japan will be quiet on the data wire tomorrow, the U.S. will release Non-Farm Employment Change and headline Unemployment Rate figures.\u00a0 Hence, the FX markets could end the trading week on a volatile note.<\/p>\n

Technically speaking, today\u2019s recovery is a welcome development considering the extent of the USD\/JPY\u2019s decline over the past week or so.\u00a0 In fact, the USD\/JPY almost tested 88 before jolting back up above 89.\u00a0 However, downward pressure does remain on the currency pair since the BoJ and DPJ are still in disagreement over the necessity of additional liquidity injections.\u00a0 The USD\/JPY still faces multiple downtrend lines along with previous March highs and the highly psychological 90 level.\u00a0 As for the downside, the USD\/JPY does have multiple uptrend lines serving as technical cushions along with 3\/2 and 3\/3 lows.\u00a0 Additionally, the psychological 90 level could have an influential role over near-term price action.<\/p>\n

Present Price: 89.11<\/p>\n

Resistances: 89.14, 89.19, 89.28, 89.35, 89.41, 89.50<\/p>\n

Supports: 89.04, 88.93, 88.84, 88.78, 88.71, 88.64, 88.57<\/p>\n

Psychological: 90, 89, March 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":"

The USD\/JPY is experiencing a large topside movement during the U.S trading session following yesterday\u2019s sizable pullback in the currency pair.\u00a0 There are presently no visible headlines giving a concrete reason for the Yen\u2019s relative weakness.\u00a0 However, there is something at work right now considering the extent of the Yen\u2019s pullback.\u00a0 Perhaps oversold conditions are … <\/p>\n

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