The 21-DMA proved its significance with recent flirtations having been rebuffed and immediate pressure returning to the $1.2605 support and then the $1.2501-21 region. Initial resistance is now noted at the $1.2699 level but bulls need to see a close above the 21-DMA to ease bearish pressure and above the $1.2816 level to shift focus back to $1.2995. While the 21-DMA caps bears favour a break of the 2014 lows and a move back to the $1.2042-1.2241 region.
RES 4: $1.2816 Low Sept 22 now resistance
RES 3: $1.2791 High Oct 9
RES 2: $1.2736 21-DMA
RES 1: $1.2699 Alternating hourly support/resistance
LPRICE: $1.2638
SUP 1: $1.2605 Low Oct 10
SUP 2: $1.2584 Low Oct 7
SUP 3: $1.2521 Bollinger band base
SUP 4: $1.2501 2014 Low Oct 3
Fresh 2014 and 11 month lows reconfirmed bearish pressure Tuesday with immediate focus having shifted to the $1.5856 support. Layers of resistance have accumulated with bulls now needing a close above $1.6050 to ease bearish pressure and a close above the 21-DMA to hint at a move back to the $1.6536 level. While the 21-DMA caps overall focus has shifted to the $1.5425-1.5556 region with the key concern for bears coming from the Bollinger band base.
RES 4: $1.6135 Hourly resistance Oct 9
RES 3: $1.6050 Low Oct 13 now resistance
RES 2: $1.6008 Low Oct 10 now resistance
RES 1: $1.5946 Hourly resistance Oct 14
LPRICE: $1.5902
SUP 1: $1.5856 Low Nov 12 2013
SUP 2: $1.5775 Low Sept 12 2013
SUP 3: $1.5556 Low Sept 4 2013
SUP 4: $1.5425 Low Aug 28 2013
The Bollinger band base appears to be limiting follow through with USD/JPY looking to find a base with daily studies at O/S levels and looking to correct. In saying that, initial resistance remains at ¥107.60 with bulls needing a close above to ease bearish pressure whereas a close above ¥108.75 is needed to confirm a break of the 21-DMA and shift focus back to the key ¥110.09-68 region. While ¥107.60 caps overall focus remains on the ¥104.28-68 region.
RES 4: ¥109.25 High Oct 7
RES 3: ¥108.74 High Oct 8
RES 2: ¥108.51 21-DMA
RES 1: ¥107.60 Hourly resistance Oct 13
LPRICE: ¥107.27
SUP 1: ¥106.89 Bollinger band base
SUP 2: ¥106.67 Low Oct 14
SUP 3: ¥106.04 Low Sept 10
SUP 4: ¥105.75 55-DMA
Continued fresh 2014 and 12 month lows for EUR/JPY confirm bearish dominance with immediate focus now on the ¥134.10 support and overall focus having shift to the ¥131.11-20 region. Bulls continue to look for a close above ¥136.59 to ease bearish pressure. Overall a close above the 100-DMA (¥137.90) is needed to shift focus to the 200-DMA (¥139.32) and then the Sept highs. Key concerns for bears come from the O/S studies and Bollinger band bases.
RES 4: ¥137.28 Alternating hourly support/resistance
RES 3: ¥136.59 Alternating hourly support/resistance
RES 2: ¥135.89 Alternating hourly support/resistance
RES 1: ¥135.73 Hourly resistance Oct 14
LPRICE: ¥135.59
SUP 1: ¥135.03 2014 Low Oct 14, Bollinger band base
SUP 2: ¥134.10 Low Nov 20 2013
SUP 3: ¥131.20 Monthly Low Nov 7 2013
SUP 4: ¥131.11 Monthly Low Oct 7 2013
After finding support at the £0.7850 level bulls have regained control with a rally that now sees the EUR/GBP flirting with the 100-DMA (£0.7955). The key concerns for bulls now comes from O/B daily studies and the Bollinger band top which may limit follow through. In saying that, bears need a close below the 55-DMA to ease bullish pressure and a close below £0.7900 to hint at a deeper correction. Bulls now look for a close above the 100-DMA to target the £0.8010 level and then the £0.8067-0.8101 region above.
RES 4: £0.8101 200-DMA
RES 3: £0.8067 Monthly High Sept 10
RES 2: £0.8010 High Sept 16
RES 1: £0.7961 High Oct 14
LPRICE: £0.7946
SUP 1: £0.7927 55-DMA
SUP 2: £0.7900 High Oct 8 now support
SUP 3: £0.7850 Low Oct 10
SUP 4: £0.7820 Low Oct 3
