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Alert - 10:10 (CET) - UsdJpy
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The UsdJpy is trading at 100.45, ranging from 99.27 to 100.76. The current price is over yesterday's close at 99.96. 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). The supports are set at 100.00 (key), 98.46 (March 20th low) and 95.75 (March 17th low).
The profit taking on the major intensified yesterday, as the investors are worried that the bailout plans will not effective to avoid an economy recession. Despite that, the pair has been rebounding in the Asian session, as the Swiss government rescued UBS.
The most affected European bank by the international financial crisis announced today that it has reached an agreement with the Swiss National Bank to transfer 60.000 million in actives that have no liquidity to a separate fund. The bank will receive an capital injection of 6 billion Francs (3.7 billion Euros). This way, the investores are momentarily moving away from the Yen.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 48 points, rebounding from the overbought area. The volatility per hour is 240 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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