{"id":7930,"date":"2010-03-24T13:15:11","date_gmt":"2010-03-24T17:15:11","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7930"},"modified":"2010-03-24T13:15:11","modified_gmt":"2010-03-24T17:15:11","slug":"usdjpy-awakens-from-its-slumber","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/24\/usdjpy-awakens-from-its-slumber\/","title":{"rendered":"USD\/JPY Awakens From its Slumber"},"content":{"rendered":"<p><strong>By Fast Brokers<\/strong> &#8211; The USD\/JPY has awoken from its slumber, shooting higher in reaction to a wave of risk aversion hitting the FX markets.\u00a0 With IMF involvement in Greece\u2019s rescue looking more likely investors sent the Euro tumbling.\u00a0 Additionally, Fitch lowered its credit rating for Portugal, accelerating risk aversion as investors head toward the Dollar for safety.\u00a0 The USD\/JPY has been a direct beneficiary from today\u2019s developments in the EU, sending the currency pair flying towards its February highs.\u00a0 The USD\/JPY broke through some key downtrend lines in the process, including our top tier running through previous 2010 highs, indicating the USD\/JPY could be heading towards the 93.75 level over the medium-term.\u00a0 This morning\u2019s Trade Balance data showed Japan had a stronger than expected surplus last month.\u00a0 Export demand is picking up, particularly to China, and this seems to be adding fuel to the USD\/JPY\u2019s topside breakout.\u00a0 U.S. Core DGO data outperformed, indicating U.S. consumption is picking up slowly, a positive development for Japan\u2019s manufacturing base.\u00a0 Meanwhile, investors are awaiting U.S. New Home Sales data and this number could prove to be a market mover.\u00a0 Japan will be relatively quiet on the data wire tomorrow, leaving investors to focus on the EU summit.\u00a0 A key for the USD\/JPY will now be to break out beyond February highs, or the currency pair may opt to consolidate earlier gains.<\/p>\n<p>Technically speaking, the USD\/JPY faces technical resistance in the form of February 2010 highs and the psychological 92 area.\u00a0 As for the downside, the USD\/JPY has fresh uptrend lines serving as technical cushions along with 2\/22 and intraday lows.<\/p>\n<p>Present Price: 91.87<br \/>\nResistances: 91.96, 92.05, 92.15, 92.24, 92.39<br \/>\nSupports: 91.77, 91.68, 91.58, 91.47, 91.40, 91.28<br \/>\nPsychological: February highs, 92<\/p>\n<p><a href=\"http:\/\/fastbrokers.net\/news\/image\/March24Yen.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/fastbrokers.net\/news\/image\/March24Yen.png\" alt=\"\" width=\"595\" height=\"400\" \/><\/a><\/p>\n<p>(click chart to enlarge)<\/p>\n<p><em><strong>Market Commentary<\/strong><\/em> provided by <a href=\"http:\/\/www.fastbrokers.com\/index.php?CP001\" target=\"_blank\"><strong>Fast   Brokers<\/strong>.<\/a><\/p>\n<p><strong>Disclaimer:<\/strong> FastBrokers\u2019 market commentary is   provided for information purposes only and under no circumstances should   be regarded neither 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<p><strong>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":"<p>By Fast Brokers &#8211; The USD\/JPY has awoken from its slumber, shooting higher in reaction to a wave of risk aversion hitting the FX markets.\u00a0 With IMF involvement in Greece\u2019s rescue looking more likely investors sent the Euro tumbling.\u00a0 Additionally, Fitch lowered its credit rating for Portugal, accelerating risk aversion as investors head toward the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/03\/24\/usdjpy-awakens-from-its-slumber\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;USD\/JPY Awakens From its Slumber&#8221;<\/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-7930","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7930","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=7930"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7930\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}