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Alert - 15:55 (CET) - Yen advances 1.0% against the Sterling, due to the credit worsening in the UK
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The GbpJpy is trading at 187.25, ranging from 187.12 and 189.78. The current price is under yesterday's close at 188.98. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
As the support at 187.64 (December 2nd, 2003 low) was broken, the traders are watching the next at 183.37 (October 21st, 2003 low) and 176.97 (September 27th, 2001 high). The traders are watching the resistances at 193.61 (September 4th high), 196.62 (September 1st high) and 200.00 (key).
Given the complications in the credit sector from the UK, the traders are seeking safe haven in the Japanese currencu. Also, they are selling the Sterling, as its economy stopped in the second quarter. On the other hand, the manufacturing sector registered a strong contraction in September, as a reflex of the falling economy.
The fact that, day after day, a British bank is absorbed by another, given the global financial context, generates the speculation that the Bank of England (BoE) will cut interest rates before what's expected.
Checking the hourly graphics again, the current price is under the 23.60% (233.01) and over the 0.00% (128.44) Fibonacci retracement lines. The volatility per hour is 175 pips and the 60-minute Relative Strenght Index (RSI) is at 29 points, oversold.
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