The $1.3220 level basically confirmed its significance with the EUR/USD trading above by a pip before correcting back towards the 2014 lows at $1.3153. Bulls now need a close above $1.3221 to confirm an easing of bearish pressure. Overall bulls look for a close above $1.3333 to confirm a break of the 21-DMA & short term channel top and shift focus to the $1.3445-85 region. Until a close above $1.3333 is seen bears initially target Sept monthly lows
RES 4: $1.3298 Hourly resistance Aug 20
RES 3: $1.3262 Hourly resistance Aug 22
RES 2: $1.3221 High Aug 28
RES 1: $1.3186 Hourly resistance Aug 29
LPRICE: $1.3174
SUP 1: $1.3153 2014Low Aug 27
SUP 2: $1.3140 Bollinger band base
SUP 3: $1.3101 Monthly Low Sept 7 2013
SUP 4: $1.3049 Falling daily channel base May-Aug
The bounce from the $1.6535 low continued to probe above the $1.6600 level but has so far lacked follow through with bulls now looking for a close above $1.6614 to ease bearish pressure. Layers of resistance are noted $1.6675-1.6757 with bulls needing a close above $1.6757 to end bearish hopes and shift focus to the $1.6876-1.7003 region. Bears need a close below $1.6535 to kick start bearish momentum and initially target $1.6469-85.
RES 4: $1.6757 Low Aug 12 now resistance
RES 3: $1.6692 200-DMA
RES 2: $1.6675 Falling channel top
RES 1: $1.6614 High Aug 28
PRICE: $1.6580
SUP 1: $1.6567 Low Aug 28
SUP 2: $1.6535 Low Aug 25
SUP 3: $1.6484 55-WMA
SUP 4: $1.6469 Falling daily channel base
Overbought daily studies and closes well above the Bollinger band top have taken their toll with USD/JPY dipping back towards the Y103.40-50 support region. Bears continue to look for a close below Y103.40 to confirm an easing of bullish pressure and below the 21-DMA to hint at a deeper correction. While the Y103.40-50 region supports overall focus remains on the 2014 highs at Y105.44 with bulls needing a close above Y104.00 to provide some breathing room.
RES 4: Y104.92 High Jan 16
RES 3: Y104.27 High Aug 25
RES 2: Y104.17 High Aug 26
RES 1: Y104.00 Hourly resistance Aug 27
LPRICE: Y103.77
SUP 1: Y103.50 Low Aug 22
SUP 2: Y103.40 Previous hourly resistance now support
SUP 3: Y103.11 Hourly support Aug 20
SUP 4: Y102.96 21-DMA
Following Tuesday’s close below the 21-DMA the EUR/JPY has failed to close back above with Thursdays sell-off having shifted focus back to the 2014 low and the Nov 20 2013 low beneath. Initial resistance is now noted at Y136.87 but bulls need to see a close above the 21-DMA to confirm an easing of bearish pressure. Overall a close above Y138.07 is needed to end bearish hopes and shift focus to the Y138.77-139.30 region with the 100-DMA at Y138.78
RES 4: Y137.67 55-DMA
RES 3: Y137.41 High Aug 26
RES 2: Y137.10 21-DMA
RES 1: Y136.87 Previous hourly support now resistance
LPRICE: Y136.81
SUP 1: Y136.35 Low Aug 12
SUP 2: Y136.30 Bollinger band base
SUP 3: Y135.73 2014 Low Aug 8
SUP 4: Y134.10 Low Nov 20 2013
The Gbp0.7967-80 resistance region is key for EUR/GBP as the pair starts to look comfortable below the 21-DMA (Gbp0.7972). Bears continue to look for a close below Gbp0.7938 to confirm bearish pressure and initially target the 2014 low and then the 2012 low overall. Bulls need a close above Gbp0.7980 to confirm a break of the 21-DMA and shift focus back to the Gbp0.8016-36 region.
RES 4: Gbp0.8016 High Aug 22
RES 3: Gbp0.7980 High Aug 25
RES 2: Gbp0.7967 High Aug 26
RES 1: Gbp0.7955 Previous hourly support now resistance
LPRICE: Gbp0.7945
SUP 1: Gbp0.7938 Low Aug 27 & 28
SUP 2: Gbp0.7915 Low Aug 6
SUP 3: Gbp0.7903 Low July 28
SUP 4: Gbp0.7874 2014 Low July 23
