The UsdJpy is trading at 101.26, ranging from 98.92 to 101.34. The current price is over yesterday's close at 99.14. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The traders are watching the resistances at 105.15 (October 6th high), 108.02 (September 19th high) and 110.67 (August 15th high). On the other hand, they're keeping an eye on the supports at 100.00 (key), 98.46 (March 20th low) and 95.75 (March 17th low).
As we can see, the Japanese pair is rebounding from the psychological support of 100 yen per dollar. Apart from some isolated decline under that level, the pair has been maintaining itself over 100 since January 1996.
The fact that Japan is a country that depends on its exportations makes the central bank to help them, keeping the interest rates as low as possible. However, as we know, the price is very influentiated by what happens in the equity markets.
The price has been rebounding from it's week low at 98.60 as the central banks around the world are easing the credit tensions, without putting pressure on the investors to seek the Japanese currency safe haven. After the central banks around the world cut the interest rates by 0.5%, the market restarted buying currencies with high interest rates, for a while.
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 56 points, rebounding from the oversold area. The volatility per hour is 250 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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