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Alert - 09:50 (CET) - UsdJpy
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This week is being explosive for the Yen crosses. Apart from the rebound in the stocks, that stimulate the carry trades and the historical hike in the Dow Jones Industrials, the Yen fundamentals are giving much to talk about.
No matter if it's used as a safe haven in times of credit tensions, the Yen is being influenced by a possible BoJ intervention to brake its fast appreciation. It is rumoured that the central bank could cut the interest rates by 0.25% next Friday, to ease the credit tensions.
The UsdJpy is trading at 97.54, ranging from 96.08 to 98.03. The current price is under yesterday's close at 98.03. 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).
The Yen has been rebounding from its recent year lows at 90.91 Yens, touching, yesterday, the psychological barrier of 100.00 Yens.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 57 points, rebounding from the overbought area. The average volatility per hour is 400 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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