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Alert - 16:50 (CET) - GbpJpy
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The GbpJpy is trading at 156.65, ranging from 156.01 to 163.52. The current price is under yesterday's close at 158.28. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are over 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).
Given the current decline of the stocks, the Yen is advancing again against the Sterling, as the investores seek the safe haven of the rising sun currency. This session, the Yen advanced 1.1% against the Sterling.
The strong contractions in the manufacturing sector in Europe and US in October, known this morning, put into focus the slowdown of the global economy. There's no doubt that these data made the commodities and stock markets lose their intraday gains.
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 650 pips and the 60-minute Relative Strenght Index (RSI) is at 34 points, rebounding from the oversold area.
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