{"id":8752,"date":"2010-04-22T12:48:51","date_gmt":"2010-04-22T16:48:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8752"},"modified":"2010-04-22T12:48:51","modified_gmt":"2010-04-22T16:48:51","slug":"usdjpy-hangs-around-93","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/22\/usdjpy-hangs-around-93\/","title":{"rendered":"USD\/JPY Hangs Around 93"},"content":{"rendered":"

By Fast Brokers <\/strong>– Another day same story, the USD\/JPY is hugging 93 as it continues another one of its common tight range periods.\u00a0 It\u2019s interesting the USD\/JPY is so calm despite high volatility in the EU region.\u00a0 However, investors should keep in mind that the USD\/JPY has the potential to jolt to life, particularly if there is a technical game changing move in another major dollar pair.\u00a0 Hence, investors should keep an eye on activity in the Euro and whether the EUR\/USD sacrifices key support levels.\u00a0 Meanwhile, investors are waiting on U.S. existing home sales.\u00a0 Weak U.S. housing data could weigh on the USD\/JPY, and vice versa.\u00a0 U.S. unemployment claims made little improvement and today\u2019s earnings releases have disappointed, taking a bit of steam out of the USD\/JPY\u2019s upward momentum.\u00a0 Japan\u2019s trade balance printed in line with estimates as export demand improves.\u00a0 On another note, the IMF mentioned that Japan may need to loosen liquidity further over the medium-term in order to counter deflation, echoing the DPJ\u2019s sentiment.\u00a0 This is a positive development for the USD\/JPY, yet clearly isn\u2019t having much of an impact thus far.\u00a0 Governor Shirakawa will address the public tomorrow and statements with BoJ members carry the potential to impact the Yen.\u00a0 However, the attention will likely remain focused on the EU, UK and U.S. with key data releases from all three.\u00a0 Hence, the week could end on a volatile note.<\/p>\n

Technically speaking, the USD\/JPY faces technical barriers in the form multiple downtrend lines along with intraday, 4\/14, and 4\/7 highs.\u00a0 As for the downside, the USD\/JPY has multiple uptrend lines serving as technical cushions along with intraday, 3\/29, and 4\/19 lows.\u00a0 Additionally, the psychological 92 level could continue to serve as a psychological cushion should it be tested.<\/p>\n

Present Price: 93.10
\nResistances: 93.10, 93.20, 93.38, 93.51, 93.64, 93.75
\nSupports:\u00a0 92.91, 92.81, 92.71, 92.57, 92.47, 92.37
\nPsychological: .92, .93, April highs and lows<\/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 – Another day same story, the USD\/JPY is hugging 93 as it continues another one of its common tight range periods.\u00a0 It\u2019s interesting the USD\/JPY is so calm despite high volatility in the EU region.\u00a0 However, investors should keep in mind that the USD\/JPY has the potential to jolt to life, particularly … <\/p>\n

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