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Alert - 09:50 (CET) - UsdJpy challenges psychological support of 100 yen
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The UsdJpy is trading at 100.71, ranging from 99.57 to 101.19. The current price is over yesterday's close at 100.67. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are watching the resistances at 105.15 (October 6th high), 108.02 (September 19th high) and 110.67 (August 15th high). As the support at 100.00 (key) is being challenged, the traders are keeping an eye, just in case, on the next levels at 98.46 (March 20th low) and 95.75 (March 17th low).
Since last Friday's close at 97.91 that the UsdJpy has been moving away from its anual low at 95.75, as the Eurozone is preparing a coordinated bailout plan to the financial sector. This way, the credit markets are breathing again, as the appetite for high yield currencies is coming back.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 58 points, rebounding from the oversold area. The volatility per hour is 230 pips. Checking the graphics again, we see that the current price is under the 23.60% (130.80) and over the 0.00% (80.23) Fibonacci retracement lines.
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