GBP/USD: Bulls Break Apr 2011 Res Line, Now Eye 2012 High. The pair has closed above the former Apr 2011 resistance line, now intial support at $1.6234 and bears will want to retest this. Bulls will be looking to break above new initial resistance, seen as the Dec 17 and Sep 28 highs at $1.6269/6273, respectively, before moving up to the 2012 high at $1.6309. Daily studies remain bullish, albeit overbought, while weekly and monthly tech studies are also bullish.
RES 4: $1.6573 Reversal high 23 Aug 2011
RES 3: $1.6427 High April 2011
RES 2: $1.6302/6309 Apr 30 high, 2012 high Sep 21
RES 1: $1.6269/6273 High Dec 17 and High Sep 28
LATEST PRICE: $1.6262
SUP 1: $1.6234 Apr 2011 former res line
SUP 2: $1.6201 5-day moving average
SUP 3: $1.6084/6092 21-DMA, Nov 16 support line
SUP 4: $1.6041 55-day moving average
USD/JPY: Bulls Need To Break Y84.48/51. The cross posted a harami candle yesterday, or an inside day depending on your viewpoint. Bulls will try hard to break the Y84.48 initial resistance barrier, this being the Dec 17 high alongside the Dec 2010 reversal high at Y84.51. A break above here will keep bulls happy and encourage a move to the 200-week MA at Y85.01. Initial support seen at Y83.82, the 23.6% of Y81.69-84.48, however studies remain bullish.
RES 4: Y85.93 High 17 Sep 2010
RES 3: Y85.53 Reversal high 6 Apr
RES 2: Y85.01 200-week MA
RES 1: Y84.48/51 Dec 17 high, Reversal high 15 Dec 2010
LATEST PRICE: Y84.33
SUP 1: Y83.82 23.6% of Y81.69 to Y84.48
SUP 2: Y83.30/41 Tenkan line, 38.2% of Y81.69 to Y84.48
SUP 3: Y83.09 50.0% of Y81.69 to Y84.48
SUP 4: Y82.56/74/76 Frmer Nov 22 res line, 21-DMA, 61.8% of Y81.69-84.48
EUR/JPY: Bulls Now Eye Y112.17 As Studies Rise. EUR/JPY posts an engulfing candle, however not a reversal candle, as daily studies continue to trend higher. 10-day momentum trends higher but has yet to attain the highs reached in early December, which cautions bulls. Initial resistance seen at Y112.17, the 61.8% of Y123.33 to Y94.12, a level which bulls will look to test. Initial support seen at Y109.93/98, the Dec 17 low and Dec 14 high.
RES 4: Y116.44 76.4% of Y123.33 to Y94.12
RES 3: Y115.47 123.6% of Y111.42 to Y94.28
RES 2: Y115.03 200-week moving average
RES 1: Y112.17 61.8% of Y123.33 to Y94.12
LATEST PRICE: Y111.74
SUP 1: Y109.93/98 Low Dec 17, High Dec 14
SUP 2: Y108.88 Tenkan line
SUP 3: Y107.78/108.86 21-DMA, Support line from Nov 13
SUP 4: Y106.67/71 Weekly Ichimoku Cloud top, 100-week MA
EasyForexNews Research Team