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Alert - 09:45 (CET) - UsdJpy
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With the 50bp rate cut by the Fed, the stocks are feeling more relieved, as these type of actions will make the global recession to last less time than anticipated. So, in the last 24 hours, we are witnessing a pronounced selling of safe haven currencies like the Yen and the Dollar.
Since the 90.91 Yens from the begining of the week that the Dollar is making an extraordinary recovery. The fact that the stocks are climbing after the strong declines is triggering a renewed appetite for the carry trade.
The UsdJpy is trading at 98.40, ranging from 97.23 to 99.12. The current price is over yesterday's close at 97.39. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over 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). As the resistance at 98.07 (October 23rd high) was broken, the traders are watching the next at 100.00 (key) and 102.45 (last week's high).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 60 points, rebounding from the overbought area. The average volatility per hour is 200 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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