Fresh 2014 and 2 year lows reconfirmed bearish pressure last week with overall focus currently on the $1.2042 2012 low. Layers of resistance have accumulated but bulls continue to look for a close above $1.2632 to confirm an easing of bearish pressure and above $1.2770 to hint at move back to the key $1.2995 level. Key concerns for bears come from O/S daily studies and the Bollinger band base which may limit follow through.
RES 4: $1.2720 Hourly break down level Oct 29
RES 3: $1.2666 Low Oct 27 now resistance
RES 2: $1.2632 Hourly resistance Oct 30
RES 1: $1.2544 Hourly resistance Oct 31
LPRICE: $1.2520
SUP 1: $1.2439 Low Nov 3
SUP 2: $1.2385 High Aug 14 2012 now support
SUP 3: $1.2282 Weekly Bollinger band base
SUP 4: $1.2241 Low Aug 10 2012
The $1.6185 resistance level confirmed significance last week and resulted in a sell-off that sees initial focus firmly back on the 2014 low. The Bollinger base is seen as the key concern for bears as it may limit downside follow through but with layers of resistance having developed on the hourlies bulls need a close above $1.6087 to confirm a break of the 21-DMA and ease bearish pressure and above $1.6185 to target $1.6525-35. Fresh 2014 lows see bears targeting the $1.5425 level last seen in Aug 2013.
RES 4: $1.6185 High Oct 21
RES 3: $1.6087 Previous daily support now resistance
RES 2: $1.6062 21-DMA
RES 1: $1.6038 High Oct 30
LPRICE: $1.5999
SUP 1: $1.5926 Low Oct 31
SUP 2: $1.5875 2014 Low Oct 15
SUP 3: $1.5854 Monthly Low Nov 12 2013
SUP 4: $1.5775 Low Sept 13 2013
Friday’s explosive rally that has seen fresh 2014 and nearly 7 year highs for the USD/JPY has seen immediate focus shift to the ¥114.65 Dec 2007 monthly high with overall focus now on the ¥119.82 Aug 2007 monthly high. Layers of support have developed with bears now needing a close below ¥111.89 to ease bullish pressure and below ¥110.69 to shift immediate focus back to the ¥109.46 breakout level from Friday. Key concerns for bulls come from O/B daily studies and the Bollinger band top.
RES 4: ¥119.82 Monthly High Aug 8 2007
RES 3: ¥117.94 Monthly High Oct 15 2007
RES 2: ¥115.91 Monthly High Nov 1 2007
RES 1: ¥114.65 Monthly High Dec 27 2007
LPRICE: ¥113.44
SUP 1: ¥112.98 Previous hourly resistance now support
SUP 2: ¥112.48 High Oct 31 now support
SUP 3: ¥111.89 Hourly support Oct 31
SUP 4: ¥110.69 Hourly support Oct 31
Fresh 7 month highs continued for the EUR/JPY to start the new week with key concerns for bulls seen coming from O/B daily studies and closes very much above the Bollinger band top (¥141.27). Bulls continue to target the 2014 high overall with bears now needing a close below ¥141.38 to ease bullish pressure and below ¥140.40 to shift immediate focus back to the 200-DMA at ¥139.07.
RES 4: ¥145.12 2014 High Jan 2
RES 3: ¥143.82 High Mar 7
RES 2: ¥143.51 High Apr 2
RES 1: ¥142.58 High Nov 3
LPRICE: ¥142.04
SUP 1: ¥141.74 Hourly support Nov 4
SUP 2: ¥141.38 Previous hourly resistance now support
SUP 3: ¥140.40 Low Nov 3
SUP 4: ¥139.96 Hourly support Oct 31
Following on from a couple of week’s caught in a £0.7860-0.7927 holding pattern and recent failures at the 55-DMA bearish dominance has was reconfirmed with a break lower Friday that sees bearish focus shift to the 2012 and 2014 low in the £0.7764-66 region. Initial resistance is now noted in the £0.7840-60 region with a close above needed to ease bearish pressure. Overall a close above £0.7951 is needed to end bearish hopes and target the £0.8067-76 region.
RES 4: £0.7916 55-DMA
RES 3: £0.7860 Low Oct 30 now resistance
RES 2: £0.7850 Low Oct 10 now resistance
RES 1: £0.7840 Hourly resistance Oct 31
LPRICE: £0.7824
SUP 1: £0.7799 Low Nov 3
SUP 2: £0.7766 2014 Low Sept 30
SUP 3: £0.7764 2012 Low July 23 2012
SUP 4: £0.7695 Monthly Low Oct 20 2008
