EUR/USD failure to keep within the area of resistance at $1.3861-$1.3878 is a concern, with Thursday’s gains reaching $1.3862 before turning back. Will need to deal with these levels today, else risk the fact that the latest bounce is only corrective and see pressure back on $1.3793. Below here and $1.3752-$1.3729 come back into the reckoning. Above $1.3878 clears way for a run at $1.3904-$1.3973.
RES 4: $1.3904 Apr 11 high
RES 3: $1.3878 76.4% Fibo of $1.3904-$1.3793
RES 2: $1.3861 Hourly recovery high Apr 14
RES 1: $1.3849 Apr 16 high, 50% of $1.3904-$1.3793
LPRICE: $1.3812
SUP 1: $1.3793 Apr 15 low
SUP 2: $1.3752/59 Pivotal lows last 3 weeks
SUP 3: $1.3729 Apr 4 high, now support
SUP 4: $1.3716 Rising support line from Feb low
USD/JPY has managed to clear the initial Fibo resistance at Y102.40 for a high of Y102.57 but faces further layers of resistance ahead. While Y101.60-Y101.70 support holds, prospects remain for further attempts higher. Loss would spoil the look of recent gains and suggest this month’s lows at Y101.35 will come back under examination. A hold above Y101.60 and look for better extension of today’s gains.
RES 4: Y103.45 76.4% Fibo of Y104.10-Y101.35
RES 3: Y103.16 Session high Apr 8
RES 2: Y103.05 61.8% Fibo of Y104.10-Y101.35
RES 1: Y102.72 50% Fibo of Y104.10-Y101.35
LPRICE: Y102.37
SUP 1: Y101.60/70 Hourly support
SUP 2: Y101.35 Apr 10 Apr 11 lows
SUP 3: Y101.20/21 Mar 3 & Mar 14 lows
SUP 4: Y100.79 Feb 4 low