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Alert - 16:55 (CET) - UsdJpy
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The production prices in the US suffered the biggest fall since 1977, losing 2.8% in October, against the -1.9% expected. This only feeds the possibilities of a deflactionary process, that added to the voices that are saying the US is in recession since Spring, raise the chances for a Fed rate cut.
This way, the American stocks received with enthusiasm the possibility of a larger access to credit, and are back to positive terrain, after yesterday’s losses. This way, the carry trade impulse is renewed, thrusting the Yen to intraday highs.
The UsdJpy is trading at 97.25, ranging from 96.02 to 97.35. The current price is at yesterday's close at 97.35. Checking the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
After the pair ranged from 94.47 to 99.48 in the last session, the traders are watching the supports at 96.08 (October 29th low), 94.37 (November 12th low) and 90.00 (key) and 87.95 (July 17th, 1995 low). The resistances are set at 98.07 (October 23rd high), 100.00 (key) and 102.45 (October 20th high).
Meanwhile, the 60-minute Relative Strenght Index (RSI) is at 62 points, rebounding from the overbought area. The average volatility per hour is 100 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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