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Alert - 18:40 (CET) - Yen advances against the Sterling
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Given the persistent decline in the stocks, the Yen is showing its condition of safe haven. As the equity markets deteriorate, the appetite for safe haven currencies rise.
The news from the stocks did nothing but reaffirm the critical situation of the global economy and the credit sector in particular. So, the sales decline of the giant auto maker General Motors and its serious difficulties for access to credit, took the corporation near bankruptcy, leaving it on the hands of the Fed, waiting for a state rescue.
As a consequence, the outlook for a more deeper than expected economic downturn led the crude to break the 60 dollar mark support. This way, the Yen rebounded against the Sterling, that has not stopped declining against its main rivals in the session.
The GbpJpy is trading at 150.60, ranging from 149.85 to 154.28, under yesterday's close at 152.74. In the hourly graphics, we see that the 20- and 50-day Exponential Mobile Averages (EMA) are umder the 200-day EMA.
The supports are being watched at 145.00, 140.00 and 133.80 (May 2nd, 2005 low). The resistances at 151.09 (October 24th high), 160.68 (October 23rd high) and 166.64 (October 22nd high) are being watched.
Checking the daily graphics, the current price is under the 23.60% (233.01) and over the 0.00% (128.44) Fibonacci Retracement lines. The Bands of Bollinger show a volatility of 400 pips and the 60-minute Relative Strenght Index (RSI) ist at 36 points, rebounding from the oversold area.
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