EUR/USD climbs above the Sept 6 support line which becomes key initial support at $1.3582. Bears look to retest but bulls aim to hold above, further gains could see daily studies turn higher also. Initial resistance at $1.3601/03/07, from the 21-DMA, Jan 29 high, 100-DMA, respectively. A break above here targets the 55-DMA at $1.3644, however, we note weekly studies remain bearish and monthly studies are overbought which could limit upside moves.
R 4: $1.3731/39 Daily Bollinger band top, High Jan 24
R 3: $1.3698/99/3707 Highs Jan 23, 14, Low Dec 13
R 2: $1.3644 55-day moving average
R 1: $1.3601/03/07 21-DMA, High Jan 29, 100-DMA
Latest price: $1.3588
S 1: $1.3582/87 Sept 6 support line, Hourly low
S 2: $1.3551/55 5-DMA, High Feb 5
S 3: $1.3524 61.8% of $1.3296-1.3893
S 4: $1.3472/77 Daily Bolli band base, Low Feb 3
GBP/USD continues to range between support just above the $1.6250 level and resistance just below $1.6350, we await a breakout and note medium-term pressure is to the downside due to weekly/monthly studies. However, daily studies are near oversold which could suggest a return to retest the July support line at $1.6473. Ahead of here, resistance seen at $1.6345/49 – the Feb 4 and 6 highs, then there’s the Jan 21 low and 55-DMA at $1.6400/04.
R 4: $1.6473/76 Redrawn July support line, 23.6% $1.5855-1.6668
R 3: $1.6443 21-DMA
R 2: $1.6400/04 Low Jan 21, 55-DMA
R 1: $1.6345/49 Highs Feb 4, 6
Latest price: $1.6328
S 1: $1.6252/58/62 Low Feb 5, 100-DMA, 50.0% of $1.5855-1.6668
S 2: $1.6220/30 Low Dec 17, 23.6% of $1.4814-1.6668
S 3: $1.6166 61.8% of $1.5855-1.6668
S 4: $1.6116/18 Low Oct 22, High Nov 6
USD/JPY climbs further into the daily Ichimoku cloud and currently holds below daily Tenkan line which is initial resistance at Y102.10. Daily studies are reversing higher and bulls target above to the former Nov 2012 support line at Y102.30. However, we note weekly and monthly studies are bearish which indicates medium-term downside pressure. Failure to close above Nov 2012 support line could see a break back below the daily Cloud – base is at Y101.19.
R 4: Y103.39 55-day moving average
R 3: Y103.05/10 21-DMA & Daily Kijun, 50.0% Y105.44-100.76
R 2: Y102.30/45 Former Nov 2012 support line, 38.2% of Y97.62-105.43
R 1: Y102.10/12 Daily Tenkan line, Hourly high
Latest price: Y102.08
S 1: Y101.77 Low Jan 27 & High Feb 5
S 2: Y101.53 Reversal high Jul 8 & 50.0% of Y97.62-105.44
S 3: Y101.19/20 Daily Ichimoku cloud base, 100-DMA
S 4: Y100.61/76 High Sept 11 & 61.8% of Y97.62-105.44, Low Feb 4
EUR/JPY breaks back into the daily Ichimoku cloud to turn daily studies higher adding some bullish pressure in the short-term. Bears look to retest the cloud base and 50.0% of Y131.22-145.69 at Y138.46, however failure to break below could see bulls retest former Nov 2012 support line – initial resistance at Y139.12. We also note weekly/monthly studies remain bearish and failure to break above initial res could see a return to Feb 4 low at Y136.23.
R 4: Y140.43/50 Jan 2 resistance line, Low Jan 13
R 3: Y139.95/140.03 High Jan 30, High Dec 3
R 2: Y139.71/77 High Nov 29, Daily Kijun line
R 1: Y139.12 Former Nov 2012 support line
Latest price: Y138.85
S 1: Y138.46 Cloud Base & Former 50.0% Y131.22-145.69
S 2: Y138.11 High Feb 3
S 3: Y137.54/72 High Feb 5, 100-DMA
S 4: Y136.75/84/89 61.8% Y131.22-145.69, Weekly Kijun, Jul 2009 high
