EUR/USD descended from the 21-DMA to retest the July support line, now at $1.6307 – but bears again failed to make a significant break below. Current price action edges back above this level while daily studies drift higher, initial res seen at $1.3649/59 – the 5-DMA and Jan 7 high, above here is the 21-DMA at $1.3670. Bulls aim to break above here but downside risk remains as weekly/monthly studies are near overbought
R 4: $1.3785 Daily Bollinger band top
R 3: $1.3699/3707/11 High Jan 14, Low Dec 13, Reversal high Jan 2013
R 2: $1.3670 21-day moving average
R 1: $1.3649/56 5-DMA, High Jan 7
Latest price: $1.3616
S 1: $1.3582/86 Low Jan 15, Hourly low
S 2: $1.3549/51/61 Low Jan 9, 21-week MA, 100-DMA
S 3: $1.3524 61.8% of $1.3296-1.3893
S 4: $1.3458 38.2% of $1.2755-1.3893
GBP/USD closed below July support line and opened below today, daily studies continue to slide and bears target the 38.2% of $1.5855-1.6603 which is new key support at $1.6317, just below yesterday’s low at $1.6323. However, initial support is at $1.6347 – the hourly low and Jan 13 low. A break below could see weekly/monthly studies reverse south and potentially start a bearish trend, however bulls aim to retest and rebreak the July support line at $1.6399.
R 4: $1.6517 High Jan 10
R 3: $1.6443/44 High Dec 2, High Jan 15
R 2: $1.6426 21-DMA & Former 23.6% of $1.5855-1.6603
R 1: $1.6399/6409 July 9 Support line, 5-DMA
Latest price: $1.6360
S 1: $1.6347 Low Jan 13 & Hourly low
S 2: $1.6317/23 38.2% of $1.5855-1.6603, Low Jan 15
S 3: $1.6291/96 55-DMA, Daily Bolli base
S 4: $1.6220/29 Low Dec 17, 50.0% of $1.5855-1.6603
USD/JPY continues to rise and holds above the 21-DMA which is initial support at Y140.55. Daily studies reversed higher and bulls aim to retest the Jan 2 high at Y105.44 and 61.8% of Y124.14-Y75.35 at Y105.50, strong downside pressure is expected here and a break above targets the August 1998 resistance line at Y106.18. However, weekly/monthly studies are overbought and bears aim to close below Y104.00 level where a convergence of support is noted.
R 4: Y107.28 200-month MA
R 3: Y106.18 Resistance line from August 1998
R 2: Y105.44/50 High Jan 2, 61.8% of Y124.14-Y75.35
R 1: Y104.99/105.06/12 Low Dec 30, Highs Jan 9, 8
Latest price: Y104.63
S 1: Y104.55/56 21-DMA, Hourly low
S 2: Y104.09/10 Low Jan 15, Daily Tenkan line
S 3: Y103.83/92 Low Jan 10, Daily Kijun line
S 4: Y103.52/59 Daily Bolli base, 23.6% of Y97.62-105.44
EUR/JPY holds above Y142.00 level while daily studies turn higher, bulls require a break above 21-DMA at Y142.92 and daily Kijun line at Y143.10. A move above this level likely sees bulls rise to test the Dec 27 high at Y145.69, but ahead of here is the daily Bolli top at Y145.00. However, weekly/monthly studies are overbought and failure at resistance could see bears return to test the downside – initial support is at Y141.80/83 – Jan 15 low and daily Tenkan.
R 4: Y145.00 Daily Bollinger band top
R 3: Y144.42 Low Jan 1
R 2: Y143.10 Daily Kijun line
R 1: Y142.91/92 Hourly high, 21-DMA
Latest price: Y142.63
S 1: Y141.80/83 Low Jan 15, Daily Tenkan line
S 2: Y141.50 Low Jan 6
S 3: Y140.98/99 Low Dec 17, 61.8% of Y169.96-94.12
S 4: Y140.80 Daily Bollinger band base
