{"id":7516,"date":"2010-03-11T13:20:19","date_gmt":"2010-03-11T18:20:19","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7516"},"modified":"2010-03-11T13:20:19","modified_gmt":"2010-03-11T18:20:19","slug":"usdjpy-trades-off-wednesdays-highs","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/11\/usdjpy-trades-off-wednesdays-highs\/","title":{"rendered":"USD\/JPY Trades Off Wednesday\u2019s Highs"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY has pulled back from Wednesday\u2019s highs and is gravitating towards the psychological 90 level as we anticipated.\u00a0 The USD\/JPY has managed to avoid a retest in the process, a somewhat positive development.\u00a0 China\u2019s economic data had a limited impact on the USD\/JPY despite the rise in consumer prices and weakness in industrial production.\u00a0 Additionally, today\u2019s U.S. data has also had a muted influence on the USD\/JPY today.\u00a0 Therefore, it seems investors are more focused on the currency pair\u2019s technical levels than global fundamental developments for the time being.\u00a0 However, that could change tomorrow with the release of America\u2019s retail sales and consumer sentiment data.\u00a0 We\u2019ve really seen the USD\/JPY react to U.S. data lately.\u00a0 Considering U.S. consumption has a direct impact on Japan\u2019s manufacturing base, we could see the USD\/JPY come back to life tomorrow.\u00a0 Strong U.S. consumption could send the USD\/JPY higher in anticipation that the Fed will tighten before the BoJ, whereas negative data releases could send the USD\/JPY back towards its psychological 90 level.\u00a0 Therefore, investors should keep a sharp eye on tomorrow\u2019s data wire.<\/p>\n

Technically speaking, the USD\/JPY faces our new downtrend lines along with intraday and 2\/7 highs.\u00a0 Meanwhile, the highly psychological 90 area could have an influence over the USD\/JPY\u2019s movements for the near-term.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with intraday and 3\/9 lows.<\/p>\n

Present Price: 90.44<\/p>\n

Resistances: 90.49, 90.54, 90.63, 90.69, 90.81, 90.89<\/p>\n

Supports: 90.35, 90.29, 90.17, 90.11, 90.02, 89.95<\/p>\n

Psychological: 90, March highs<\/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 has pulled back from Wednesday\u2019s highs and is gravitating towards the psychological 90 level as we anticipated.\u00a0 The USD\/JPY has managed to avoid a retest in the process, a somewhat positive development.\u00a0 China\u2019s economic data had a limited impact on the USD\/JPY despite the rise in consumer prices and … <\/p>\n

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