The AudJpy is trading at 70.08, ranging from 69.66 and 71.81. The current price is under yesterday's close at 71.12. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are watching the supports at 62.35 (July 24th 2003 low), 58.11 (September 20th 2001 low) and 55.48 (0.00% retracement). The resistances are, nevertheless, watched at 72.36 (October 9th high), 82.85 (October 3rd high) and 90.27 (September 22nd high).
The pair has been rebounding from its anual low at 63.03 yen from last Friday, after the global plans to aid the global financial system. The low wasn't visited since August 2002. This way, the carry trade is regaining its momentum, as the credit sector is breathing again.
Despite that, the equity markets are again in the red zone, due to the perspectives of recession in the US and Europe, and the carry trades are slowing down momentarily. This way, we can see the aussie coming down from its intraday high against the Yen at 71.81.
Checking the hourly graphics again, the current price is under the 23.60% (71.23) and over the 100.00% (55.48) Fibonacci retracement lines. The volatility per hour is 250 pips and the 60-minute Relative Strenght Index (RSI) is at 44 points, rebounding from the overbought area.
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