Bulls now need a close above $1.2532 to confirm a break of the falling daily trend line with above the 55-DMA then needed to hint at a move back to the $1.2771-1.2885 region. Bears look for a close below $1.2444 to confirm initial focus on the 2014 low.
RES 3: $1.2599 High Nov 19
RES 2: $1.2532 High Nov 26
RES 1: $1.2500 Hourly resistance Nov 27
LPRICE: $1.2448
SUP 1: $1.2444 Alternating hourly support/resistance
SUP 2: $1.2402 Low Nov 25
SUP 3: $1.2357 2014 Low Nov 7
SUP 4: $1.2241 Low Aug 10 2012
The recovery from 2014 lows has come to an end with the sharp correction lower and bearish close following Thursday’s spike above the 21-DMA ($1.5786). Bears now look for a close below $1.5679 to reconfirm initial focus on 2014 lows and overall focus on a break lower that then targets the $1.5425-62 region. Bulls now need a close above $1.5779 to ease bearish pressure and above the longer term falling
daily trend line at $1.5875 to shift overall focus higher.
RES 4: $1.5875 Falling daily trend line
RES 3: $1.5825 High Nov 27
RES 2: $1.5779 Previous hourly support now resistance
RES 1: $1.5742 Hourly resistance Nov 28
LPRICE: $1.5709
SUP 1: $1.5679 Low Nov 26
SUP 2: $1.5625 Low Nov 21
SUP 3: $1.5586 2014 Low Nov 19
SUP 4: $1.5563 Low Sept 6 2013
The sharp reversal from Thursday’s break of the ¥117.35 level combined with a break back above the ¥117.99 level has reconfirmed bullish pressure and returned initial focus to the ¥118.58-98 region. Key concerns for bulls come from O/B daily studies and the Bollinger band top but bears now need to see a close below ¥117.25 to ease bullish pressure and below the 21-DMA at ¥116.20 to hint at a deeper correction that initially targets the ¥112.32 Nov monthly low
RES 4: ¥119.82 Monthly High Aug 8 2007
RES 3: ¥119.64 Bollinger band top
RES 2: ¥118.98 2014 High Nov 20
RES 1: ¥118.58 High Nov 25
LPRICE: ¥118.21
SUP 1: ¥117.98 High Nov 26 now support
SUP 2: ¥117.68 Hourly support Nov 27
SUP 3: ¥117.23 Low Nov 27
SUP 4: ¥117.05 Previous double daily top now support
The continued hesitation around the ¥147.42 level is becoming an issue for bulls especially when combined with O/B daily studies looking to correct. The significance of the ¥146.29 support is now increased with bears needing close below to hint at a deeper correction targeting the 21-DMA. Overall a close below the 21-DMA (¥144.99) is needed to end bullish hopes and shift focus back to the ¥140.39-142.09 region. Bulls need to see a close above ¥147.39 to reconfirm a bullish bias and initially target 2014 highs
RES 4: ¥149.13 2014 High Nov 20
RES 3: ¥148.43 Hourly resistance Nov 21
RES 2: ¥148.04 Hourly resistance Nov 21
RES 1: ¥147.42 High Nov 26
LPRICE: ¥147.16
SUP 1: ¥146.29 Low Nov 25
SUP 2: ¥145.58 Low Nov 24
SUP 3: ¥144.77 Low Nov 18
SUP 4: ¥143.34 Low Nov 12
Although the pair continues to find support ahead of the 55-DMA bears favour a break lower while the £0.7952-71 region caps. Bulls need a close above £0.7971 to relieve the bearish pressure that emerged following the correction lower from the £0.8038-67 region where the 200-DMA is located. A close below the 55-DMA hints at a retest of the £0.7764-66 region with a close below £0.7864 confirming.
RES 4: £0.8038 High Nov 19
RES 3: £0.8004 High Nov 21
RES 2: £0.7971 Low Nov 20 now resistance
RES 1: £0.7952 High Nov 26
LPRICE: £0.7921
SUP 1: £0.7889 55-DMA
SUP 2: £0.7864 High Nov 5, now support
SUP 3: £0.7798 Low Nov 6
SUP 4: £0.7766 2014 Low Sept 30