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Alert - 09:45 (CET) - UsdJpy under psychological support of 100 Yen
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There are no doubts that the weakness in the credit and stock markets is, everyday, redifining the carry trade situation. Right now, we see that the appetite for high yielders is not as strong as a few months ago, as there are worries that the global economy can enter in a recession.
After the burst of the financial crisis in the US, the Japanese pairs have been under strong pressure. These can be seen in this pair, that's under 100 Yens per Dollar.
The UsdJpy is trading at 97.55, ranging from 96.86 to 98.32. The current price is under yesterday's close at 97.66. 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). On the other hand, as the psychological support at 100.00 (key) and 98.46 (March 20th low) were broken, the traders are watching the next level at 95.75 (March 17th low).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 39 points, after being very oversold. The volatility per hour is 110 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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