EUR/USD – focus remains on the upside after break above $1.3261, with initial resistance at last week’s high at $1.3297 and then heavy slew of congestion at $1.3330/33 and yearly resistance line at $1.3326. Break above here sees attention turning to 26-month resistance line at $1.3369 and 200-week moving average also as upside targets, before a fade is seen.
R 4: $1.3409/11/16 200-week moving average, High June 19
R 3: $1.3342/69 Resistance line from May 2011
R 2: $1.3330/33 1.00% moving average envelope, Resistance line from Feb 1
R 1: $1.3297 High July 26
Latest price: $1.3277
S 1: $1.3252 5-day moving average
S 2: $1.3164/74 High Jul 16
S 3: $1.3081/86/86 55-DMA, 200-DMA & Low Jul 17
S 4: $1.3052 Low July 16
USD/JPY continues to trade with a heavy tone with bears now seen focusing on the Ichimoku cloud base at Y97.50 following the break and close below the 100-day moving average, which is now initial resistance at Y98.46. Above here, the Ichimoku cloud top is valued at Y98.76.
R 4: Y99.24/26 Tenkan, Kijun line of Ichimoku cloud
R 3: Y99.01 5-day moving average
R 2: Y98.76 Ichimoku cloud top
R 1: Y98.46 100-day moving average
Latest price: Y97.80
S 1: Y97.79 Aug 2009 high
S 2: Y97.50/66 Daily Ichimoku cloud base
S 3: Y96.75 61.8% of of Y93.79-Y101.53
S 4: Y92.21 Low June 20
EUR/JPY has broken support line from June 13 and now eyeing slide the Kijun line of the Ichimoku cloud at Y129.66 and Ichimoku cloud top at Y129.37. The daily studies continue to turn lower from overbought territory with fast 10-day momentum study in negative territory. Resistance is at Y130.77 and Y131.20/26, which are seen as stronger resistance as 5-DMA, Tenkan line of Ichimoku cloud.
R 4: Y132.40/44 High May 13, High Jul 22
R 3: Y132.02/04/08 High Jul 23, May 31 high
R 2: Y131.20/26 5-DMA, Tenkan line of Ichimoku cloud
R 1: Y130.77 Low July 23
Latest price: Y129.88
S 1: Y129.66 Kijun line of Ichimoku cloud
S 2: Y129.37 Daily Ichimoku cloud top
S 3: Y128.93/98 High May 1, Low May 8
S 4: Y128.41/69 Ichimoku cloud base, Support line from Apr 4