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USD/JPY Daily Commentary for 3.4.09

Discussion in 'Forex Daily News & Outlook' started by FastBrokers, Mar 4, 2009.

  1. FastBrokers

    FastBrokers New Member

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    The USD/JPY balanced along our 2nd tier downtrend line, and is surging again to the upside looking to retest the highly psychological 100 area. The move comes as the S&P futures try to stabilize at 700 ahead of heavily-weighted economic data. Japan will release its Capital Spending number tonight with analysts expecting a decrease of -15.6%. If capital expenditure decreases more than expected, signaling lower production, and U.S. economic data comes in line then we could easily see a retest of 100. With the Carry Trade unwound, investors are now judging the currency based on the comparative economic health of the two nations. With Japan faring worse the America, the USD/JPY continues its impressive rally. Fundamentally, we maintain our resistances of 99.64 and 100.30, with fresh resistances of 100.80 and 101.58. To the downside, we find supports of 99.05, 98.25, 97.66, and 97.22. The USD/JPY is currently exchanging at 99.30. See Chart

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