After breaking back above the key $1.3879 resistance this level has now emerged as initial support on the hourly time frame, but bears will be looking for a close below the $1.3835 Apr 10 low to ease bullish pressure. Overall a close below $1.3779 is needed to confirm a break of the 21-DMA and shift focus back to $1.36-65-75. Bulls are firmly focused on a retest of the key $1.3948-67 region with above then seeing levels from late 2011 targeted.
RES 4: $1.4287 High Sept 2 2011
RES 3: $1.4247 Monthly high Oct 27 2011
RES 2: $1.3967 2014 high Mar 13
RES 1: $1.3948 High Mar 17
LPRICE: $1.3892
SUP 1: $1.3879 Hourly support Apr 10
SUP 2: $1.3835 Low Apr 10
SUP 3: $1.3811 21-DMA
SUP 4: $1.3779 Low Apr 9
The failure just short of 2014 highs is of some concern to bulls especially when combined with daily studies at reasonably O/B levels. But in saying that, bears still need to see a close below $1.6724 to ease bullish pressure and a close below $1.6684 to see focus shift lower to layers of support in the $1.6555-1.6622 region. While the $1.6724-54 region supports, focus remains on fresh 2014 highs and then the Feb 2009 monthly high at $1.6878
RES 4: $1.7042 2009 high Aug 5 2009
RES 3: $1.6878 Monthly high Nov 16 2009
RES 2: $1.6822 2014 high Feb 17
RES 1: $1.6800 Hourly resistance Apr 10
LPRICE: $1.6767
SUP 1: $1.6754 Low Apr 10
SUP 2: $1.6724 Low Apr 9
SUP 3: $1.6702 Hourly support Apr 8
SUP 4: $1.6684 High Mar 31 now support
Immediate focus remains on the Y101.20 level with overall focus on the Y100.75-81 region where the key 200-DMA is located. The break of the rising daily trend line and relatively bearish close Thursday reconfirmed bearish pressure. The Y102.16-47 region remains key resistance with bulls needing a close above to hint at a bigger bounce and a close above Y103.10 to see focus return to the Y104.13 level.
RES 4: Y103.39 High Apr 7
RES 3: Y103.10 High Apr 8
RES 2: Y102.47 Alternating daily support/resistance
RES 1: Y102.16 High Apr 9
LPRICE: Y101.59
SUP 1: Y101.32 Hourly support Apr 11
SUP 2: Y101.20 Low Mar 14
SUP 3: Y100.87 21 day lower Bollinger band
SUP 4: Y100.81 200-DMA
Since closing back below the 21-DMA last Friday the EUR/JPY has only managed to briefly marginally trade back above with bearish pressure dominating and targeting retests of the Y140.00 level. Below Y140.00 sees immediate focus shift lower to the Y138.70-80 region. The Y141.96 level remains key resistance with a close above needed to end bearish aspirations and see focus shift back to the Y143.45-78 region
RES 4: Y143.47 High Apr 2
RES 3: Y142.87 21 day upper Bollinger band
RES 2: Y141.96 Alternating daily support/resistance
RES 1: Y141.48 21-DMA
LPRICE: Y141.14
SUP 1: Y140.60 Low Apr 10
SUP 2: Y140.02 50.0% Fibonacci 136.28-143.77, Rising daily trend line
SUP 3: Y139.39 Ichimoku cloud top
SUP 4: Y139.14 61.8% Fibonacci 136.28-143.77
The bounce from Wednesday’s low has seen O/S daily studies begin to correct higher and immediate focus return to the layers of resistance clustered in the Gbp0.8301-30 region which includes key moving averages. A close above Gbp0.8330 remains needed to end bearish aspirations and see focus return to the 2014 high and 200-DMA Gbp0.8400-03. Bears now need a close below Gbp0.8270 to ease bullish pressure and below Gbp0.8256 to shift focus lower
RES 4: Gbp0.8330 Low Mar 20 now resistance
RES 3: Gbp0.8323 High Mar 27
RES 2: Gbp0.8309 21-DMA
RES 1: Gbp0.8301 100-DMA
LPRICE: Gbp0.8284
SUP 1: Gbp0.8270 Hourly support Apr 10
SUP 2: Gbp0.8256 High Apr 9 now support
SUP 3: Gbp0.8231 Low Apr 9
SUP 4: Gbp0.8205 Monthly low Mar 5
