{"id":9908,"date":"2010-06-02T09:33:29","date_gmt":"2010-06-02T13:33:29","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=9908"},"modified":"2010-06-02T09:33:29","modified_gmt":"2010-06-02T13:33:29","slug":"usdjpy-pops-in-wake-of-hatoyama-resignation","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/02\/usdjpy-pops-in-wake-of-hatoyama-resignation\/","title":{"rendered":"USD\/JPY Pops in Wake of Hatoyama Resignation"},"content":{"rendered":"

By Fast Brokers<\/strong> – The USD\/JPY experienced a solid pop this morning after news spread that Hatoyama is stepping down after polls showed is approval rating fell below 20%.\u00a0 Upper house elections are only a month away and it seems Hatoyama is trying to salvage some of the momentum gained by the DPJ last year.\u00a0 Although the yen declined in reaction to the news, gains in the USD\/JPY have been muted thus far and the currency pair is presently trading off of intraday highs.\u00a0 Finance minister Kan is rumored to be Hatoyama\u2019s successor and investors are looking at this possibility in a favorable light due to Kan\u2019s fiscal conservatism.\u00a0 Hence, we\u2019ll have to see how the situation plays out.\u00a0 Either way, the next few trading sessions could prove to be volatile for the USD\/JPY.\u00a0 Japan will be relatively quiet on the data wire throughout the rest of the week, meaning psychological should be in the driver\u2019s seat along with upcoming U.S. employment data.\u00a0 Meanwhile, investors should keep an eye on the news wire for any new developments regarding China\u2019s real estate market or the EU\u2019s fiscal crisis.\u00a0 Even though Hatoyama\u2019s resignation is certainly a major development, attention could shift to China and the U.S. rather quickly considering the amount of news flowing around these days.<\/p>\n

Technically speaking, the USD\/JPY still faces multiple downtrend lines along with intraday, 5\/19 and 5\/18 highs and psychological 92 level.\u00a0 As for the downside, the USD\/JPY has technical supports in the form of multiple uptrend lines along with 6\/1 and 5\/26 lows.\u00a0 Additionally, the highly psychological 90 level should serve as a solid technical support should it be tested.<\/p>\n

Present Price: 91.45
\nResistances: 91.53, 91.65., 91.80, 91.96, 92.11, 92.25
\nSupports:\u00a0 91.29, 91.13, 91, 90.86, 90.74, 90.63, 90.52
\nPsychological:\u00a0 .90, .92, May 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 – The USD\/JPY experienced a solid pop this morning after news spread that Hatoyama is stepping down after polls showed is approval rating fell below 20%.\u00a0 Upper house elections are only a month away and it seems Hatoyama is trying to salvage some of the momentum gained by the DPJ last year.\u00a0 … <\/p>\n

Continue reading “USD\/JPY Pops in Wake of Hatoyama Resignation”<\/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-9908","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9908","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=9908"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/9908\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=9908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=9908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=9908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}