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Alert - 17:40 (CET) - UsdJpy
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The UsdJpy is trading at 93.48, ranging from 90.93 to 98.07. The current price is under yesterday's close at 97.31. Checking 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 90.00 (key), 87.95 (July 17th, 1995 low) and 84.97 (June 5th., 1995 high). The resistances are watched at 98.07 (intrahour high), 100.00 (key) and 102.45 (this week's high).
There is no doubt that today is a special session for the Yen. The risk aversion caused by the fears of a glboal recession triggered a historical liquidation of carry trade positions. The pair started the week at 102 yens, having not only broken the psychological support of 100 yens, but it has also rebounded from the 90.00 key.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 38 points, after being very oversold. The average volatility per hour is 850 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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