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Alert - 18:00 (CET) - GbpJpy
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The GbpJpy is trading at 137.70, ranging from 135.60 to 138.49, under yesterday's close at 138.30. In the hourly graphics, we see that the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
The supports are set at 136.08 (former 2008 low), 133.00 and 130.00 (key). The resistances at 140.00 (key), 147.12 (December 1st high) and 154.28 (November 11th high).
The swings in the equity markets allowed the Yen to stay firm against the Pound, advancing 1.23%. The decline in the UK's industrial production in October was also deeper than expected, along with the housing prices, which renewed the expectations of a BoE's rate cut at the beginning of 2009.
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 280 pips and the 60-minute Relative Strenght Index (RSI) is at 45 points, rebounding from the oversold area.
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