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Alert - 17:55 (CET) - Yen climbs 1.25% against the Euro, with the stocks decline
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The EurJpy is trading at 147.65, ranging from 147.62 to 150.56. The current price is under yesterday's close at 149.55. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The supports are at 147.04 (September 16th low), 144.44 (June 21st 2006 low) and 142.79 (May 26th 2006 low). On the other hand, the traders are watching the resistances at 153.68 (September 12th high), 157.00 (September 8th high) and 160.02 (August 28th high).
As the European and American stocks had a strong declined, the investors are going back to the safe haven of the Yen. They are worried that some governments in the Eurozone and UK could come out to rescue financial instituions with problems.
On the other hand, the strong manufacturing contraction in the US reignites the fears that the first economy could fall in recession, no matter what happens with the bailout plan presented by the US Treasury.
Checking the hourly graphics again, the current price is under the 23.60% (151.12) and over the 38.20% (139.43) Fibonacci retracement lines. The volatility per hour is 280 pips and the 60-minute Relative Strenght Index (RSI) is at 27 points, oversold.
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