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RUBJPY Testing its 61.8% Fibo Resistance

RUSSIA
  • RUBJPY has been trending sharply this month amid JPY weakness and RUB strength.
  • We have seen that the firm trend in oil prices have supported the ruble in recent weeks, currently trading at 15-month highs against major crosses.
  • The pair is currently testing its 1.61 resistance, which represents the 61.8% Fibo retracement of the 1.2960 – 1.8040 range (2020/21 high low).
  • Next resistance to watch stands at 1.64, followed by 1.6840 (23.6%).
  • On the downside, first support stands at 1.5720, followed by at 1.55 (50% retracement).
  • Next important event to watch will be CBR meeting on October 22, which is expecting to raise its benchmark rate by 50bps to 7.25%.

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