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Alert - 09:40 (CET) - UsdJpy
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As the Japanese major broke the 100.00 yens last week and is rebounding from the 90.00 yens low, it's near these lows again. The problems in the stocks give no truce and the Yen refuge consolates the investors who desire it.
The European stocks opened today with new losses, following the session in Asia and the fall in Wall Street last Friday. The difficulties that the stocks are having to stop the strong declines of the last sessions is starting to plant doubts in the investores if the coordinated action of the central banks, the US and European governments will be enough to stop the crisis.
Before the opening in Europe, the disappointing results of big corporations like Canon, that announced today its first profit loss in nine years, made the Nikkei lose 486.18 points, or 6.35%, belo its 1992 lowes level, with 7.162,90 points. The decline in Tokio conditioned the trend in the rest of the Asian stocks. Shanghai lost 6.32% and Hong Kong lost 9%.
Right now, we see the UsdJpy falling to 92.34, ranging from 91.90 to 94.48. The current price is under yesterday's close at 94.32. 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).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 36 points, after being very oversold. The average volatility per hour is 300 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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