{"id":8398,"date":"2010-04-08T14:28:01","date_gmt":"2010-04-08T18:28:01","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8398"},"modified":"2010-04-08T14:28:01","modified_gmt":"2010-04-08T18:28:01","slug":"usdjpy-sets-new-april-lows-as-boj-outlook-brightens","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/08\/usdjpy-sets-new-april-lows-as-boj-outlook-brightens\/","title":{"rendered":"USD\/JPY Sets New April Lows as BoJ Outlook Brightens"},"content":{"rendered":"

By Fast Brokers <\/strong>– The USD\/JPY is continuing its steady decline today as investors snap up the Yen for multiple reasons.\u00a0 News hit the wires that the BoJ may raise its forecast for Japan\u2019s economic growth.\u00a0 The BoJ\u2019s brighter outlook signals that the central bank is becoming comfortable with the improvement in export demand fueled by an economic recovery around the Pacific.\u00a0 However, Core Machinery Orders data printed below analyst expectations, showing capital expenditure may be slowing as near-term capacity overshoots.\u00a0 Regardless, improvements in Japan\u2019s economy has led investors back to the Yen as they also cash in on the USD\/JPY\u2019s impressive run over the past month.\u00a0 Meanwhile, weekly U.S. Unemployment Claims rose unexpectedly, denting optimism surrounding the America\u2019s recent data flows.\u00a0 Hence, investors are taking the opportunity to divest a bit from the Dollar as they monitor conditions in Greece and the EU as a whole.\u00a0 Meanwhile, despite this week\u2019s weakness in the USD\/JPY, this currency pair is still locked into its new uptrend with solid supports waiting below.\u00a0 Investors still seem confident about propping up the USD\/JPY since the BoJ has its hands tied by the DPJ.\u00a0 Governmental elections are around the corner, and the BoJ would be hard pressed to tighten liquidity considering the DPJ has been adamant about its desire to fight deflationary pressures.\u00a0 Therefore, it is perceived that the Fed is prone to tightening before the BoJ, giving the USD\/JPY a longer-term relative strength unless conditions should change fundamentally.<\/p>\n

Technically speaking, the USD\/JPY faces technical barriers in the form of previous April highs and the currency pair\u2019s psychological 95 level.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with intraday, 3\/30, and 3\/25 lows.\u00a0 Additionally, the psychological 93 level could serve as a psychological cushion for the near-term.<\/p>\n

Present Price: 93.14
\nResistances: 93.31, 93.45, 93.57, 93.71, 93.86, 94.06, 94.26
\nSupports: 93.04, 92.84, 92.70, 92.59, 92.40, 92.26, 92.09
\nPsychological: .94, .93, 2010 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 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

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 is continuing its steady decline today as investors snap up the Yen for multiple reasons.\u00a0 News hit the wires that the BoJ may raise its forecast for Japan\u2019s economic growth.\u00a0 The BoJ\u2019s brighter outlook signals that the central bank is becoming comfortable with the improvement in export demand fueled … <\/p>\n

Continue reading “USD\/JPY Sets New April Lows as BoJ Outlook Brightens”<\/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-8398","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8398","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=8398"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/8398\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=8398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=8398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=8398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}