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Alert - 17:30 (CET) - GbpJpy
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While the Bank of Japan threatens to stop the rapid appreciation of the Yen and the equity markets are breathing again, the Sterling is rebounding from its year lows at 139.03 Yens, hit last week.
The GbpJpy is trading at 160.13, ranging from 153.44 to 160.20. The current price is over yesterday's close at 155.44. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The supports are being watched at 133.80 (May 2nd, 2005 low), 130.00 (key) and 120.00. As the price broke the first level of resistance at 151.09 (October 24th high), the traders are contemplating the next at 160.68 (October 23rd high) and 166.64 (October 22nd high).
Checking the hourly graphics again, the current price is under the 23.60% (233.01) and over the 0.00% (128.44) Fibonacci retracement lines. The volatility per hour is 700 pips and the 60-minute Relative Strenght Index (RSI) is at 70 points, overbought.
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