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Alert - 11:00 (CET) - YEN ADVANCES 7.2% AGAINST THE EURO IN THE SESSION
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The EurJpy is trading at 117.33, ranging from 117.25 to 127.34. The current price is under yesterday's close at 125.85. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are contemplating the supports at 116.10 (August 13th, 2002 high), 108.70 (November 27th, 2001 low) and 100.43 (June 4th, 2001 low). The resistances are being watched at 127.32 (October 23rd high), 130.84 (October 22nd high) and 138.57 (October 20th high).
Right now, the Japanese currency is continuing its explosive advance against the Euro, as the stocks tumble due to the fears of global recession. This way, we can see that the will for the carry trades is literally none, triggering an advance of 7.27% of the Yen against the Euro in this session.
Checking the hourly graphics again, the current price is under the 61.80% (120.43) and over the 100.00% (89.75) Fibonacci retracement lines. The volatility per hour is 1100 pips and the 60-minute Relative Strenght Index (RSI) is at 20 points, very oversold.
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