Daily Market Technicals

The falling daily trend line ($1.2514) off the Oct monthly highs confirmed significance last week with it capping rallies and pressure having returned to initial support as a result.

Bulls now need a close above $1.2532 to confirm a break of the falling daily trend line and shift immediate focus to the $1.2599 level. Bears now need a close below $1.2426 to confirm initial focus on the 2014 low and overall focus on the $1.2042-1.2241 region.

RES 4: $1.2643 55-DMA
RES 3: $1.2599 High Nov 19
RES 2: $1.2532 High Nov 26
RES 1: $1.2500 Hourly resistance Nov 27, Falling daily trend line
LPRICE: $1.2448
SUP 1: $1.2426 Low Nov 28
SUP 2: $1.2402 Low Nov 25
SUP 3: $1.2357 2014 Low Nov 7
SUP 4: $1.2241 Low Aug 10 2012

The failure at the 21-DMA last week has now resulted in fresh 2014 and 15 month lows with bears now focused on the $1.5425-62 region last seen in Aug 2013. Layers of resistance continue to accumulate with bulls now needing a close above $1.5675 to ease bearish pressure and above the falling daily trend line at $1.5861 to end bearish hopes and shift focus back to the $1.6185-1.6228 region.

RES 4: $1.5825 High Nov 27
RES 3: $1.5779 Previous hourly support now resistance
RES 2: $1.5742 Hourly resistance Nov 28
RES 1: $1.5675 Hourly support Nov 28 now resistance
LPRICE: $1.5610
SUP 1: $1.5584 2014 Low Dec 1
SUP 2: $1.5563 Low Sept 6 2013
SUP 3: $1.5462 Low Aug 30 2013
SUP 4: $1.5425 Low Aug 28 2013

Marginal fresh 2014 and 7 year highs to start the new week reconfirm bullish pressure following the recovery from the ¥117.23 low and see immediate focus on the ¥119.75-82 region where the Bollinger band top is located. Layers of support continue to accumulate with bears needing a close below ¥117.98 to confirm an easing of bullish pressure and below ¥117.23 to hint at a deeper correction. Overall while ¥117.23 supports bulls are looking for a move that targets ¥124.16 representing the 2007 high.
RES 4: ¥124.16 2007 High June 2007
RES 3: ¥119.82 Monthly High Aug 8 2007
RES 2: ¥119.75 Bollinger band top
RES 1: ¥119.03 2014 High Dec 1
LPRICE: ¥118.88
SUP 1: ¥118.53 Hourly support Nov 28
SUP 2: ¥118.35 Hourly resistance Nov 28 now support
SUP 3: ¥117.98 High Nov 26 now support
SUP 4: ¥117.68 Hourly support Nov 27

Following the recent hesitation at the ¥147.42 level the break higher Friday reconfirmed bullish focus with bulls now targeting the psychological ¥150.00 resistance level. Initial support is now noted at the previous ¥147.42 resistance with bears needing a close below toe ease bullish pressure. Overall bears need to see
a close below ¥145.58 to hint at a deeper correction that targets the ¥140.39-142.09 region with below the 21-DMA confirming
RES 4: ¥150.00 Psychological Resistance
RES 3: ¥149.56 Bollinger band top
RES 2: ¥149.13 2014 High Nov 20
RES 1: ¥148.43 Hourly resistance Nov 21
LPRICE: ¥148.01
SUP 1: ¥147.42 High Nov 27 now support
SUP 2: ¥146.29 Low Nov 25
SUP 3: ¥145.58 Low Nov 24
SUP 4: ¥144.77 Low Nov 18

The 55-DMA has confirmed its significance as support with the bounce back above both the £0.7952 and £0.7971 levels having negated the mid Nov sell-off and shifted focus back to the key £0.8038-67 region where the 200-DMA is located. Bears now need a close below hourly support at £0.7946 from Friday to shift immediate focus back to the layers of support £0.7890-0.7919 where 21, 55 & 100-DMAs are located.
RES 4: £0.8067 Monthly high Sept 10
RES 3: £0.8043 200-DMA
RES 2: £0.8038 High Nov 19
RES 1: £0.8004 High Nov 21
LPRICE: £0.7972
SUP 1: £0.7946 Hourly support Nov 28
SUP 2: £0.7890 55-DMA
SUP 3: £0.7864 High Nov 5, now support
SUP 4: £0.7798 Low Nov 6