The $1.3835 level has confirmed its significance as support with this level having propped the EUR/USD up so far to start the new week. Bears continue to look for a close below this level to ease bullish pressure that was confirmed following the close above the 21-DMA last week, with a close below $1.3779 needed to confirm a break of the 21-DMA and shift overall focus lower. While $1.3835 supports bulls are targeting the $1.3948-67 region.
RES 4: $1.3967 2014 high Mar 13
RES 3: $1.3948 High Mar 17
RES 2: $1.3905 High Apr 11
RES 1: $1.3860 Hourly resistance Apr 14
LPRICE: $1.3855
SUP 1: $1.3835 Low Apr 10
SUP 2: $1.3811 21-DMA
SUP 3: $1.3779 Low Apr 9
SUP 4: $1.3750 High Apr 7 now support
The pullback from just short of 2014 highs is of some concern to bulls especially when combined with daily studies looking to correct from reasonably O/B levels. The dip below $1.6724 to start the new week has eased bullish pressure but bears continue to look for a close below $1.6684 to see focus shift lower to layers of support in the $1.6555-1.6624 region. Bulls now need to see a move to fresh 2014 highs to kick start bullish momentum.
RES 4: $1.6878 Monthly high Nov 16 2009
RES 3: $1.6822 2014 high Feb 17
RES 2: $1.6792 Hourly resistance Apr 10
RES 1: $1.6749 Hourly resistance Apr 11
LPRICE: $1.6734
SUP 1: $1.6702 Hourly support Apr 8
SUP 2: $1.6684 High Mar 31 now support
SUP 3: $1.6624 21-DMA
SUP 4: $1.6602 55-DMA
USD/JPY is currently hesitating ahead of the Y101.20 support with the Y100.75-101.20 region sees as key. The 200-DMA is noted at Y100.82 and a close below has not been seen since early Oct 2013 and then Nov 2012 prior to that. Bulls now need to see a close above the Y101.86 high from Friday to ease the current bearish pressure while a close above Y102.47 remains needed to hint at a bigger bounce that targets the Y103.10-104.12 region.
RES 4: Y103.10 High Apr 8
RES 3: Y102.47 Alternating daily support/resistance, 21-DMA
RES 2: Y102.16 High Apr 9
RES 1: Y101.86 High Apr 11
LPRICE: Y101.52
SUP 1: Y101.32 Low Apr 10
SUP 2: Y101.20 Low Mar 14
SUP 3: Y100.91 21 day lower Bollinger band
SUP 4: Y100.82 200-DMA
Since closing back below the 21-DMA the EUR/JPYpair has only managed to briefly marginally trade back above with bearish pressure dominating and targeting retests of the Y139.96 level. Below Y139.96 sees immediate focus shift lower to the Y138.70-80 region with overall focus shifting to the Y136.23 2014 low. 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: Y142.88 21 day upper Bollinger band
RES 3: Y141.96 Alternating daily support/resistance
RES 2: Y141.46 21-DMA
RES 1: Y141.81 Hourly resistance Apr 14
LPRICE: Y140.70
SUP 1: Y140.21 Ichimoku cloud top
SUP 2: Y141.16 Rising daily trend line
SUP 3: Y140.02 50.0% Fibonacci 136.28-143.77
SUP 4: Y139.96 Low Mar 28
Layers of resistance are clustered Gbp0.8300-36 including key moving averages, previous daily highs/lows and Fibonacci levels of the Mar-Apr move. Daily studies are correcting from O/S which are supportive of further attempts higher but bulls need a close above Gbp0.8336 to regain control and target the 200-DMA. Bears now need a close below Gbp0.8270 to reconfirm bearish focus.
RES 4: Gbp0.8364 High Mar 26
RES 3: Gbp0.8336 61.8% Fibonacci 0.8400-0.8232
RES 2: Gbp0.8323 High Mar 27
RES 1: Gbp0.8304 21-DMA
LPRICE: Gbp0.8276
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
