The falling daily trend line ($1.2490) off the Oct monthly highs continues to
cap rallies with bulls needing a close above $1.2532 to confirm a break of the falling daily trend line and shift immediate focus to the $1.2599-1.2615 region where the 55-DMA is located. Bears now need a close below $1.2419 to confirm initial focus on the 2014 low and overall focus on the $1.2042-1.2241 region.
RES 3: $1.2532 High Nov 26
RES 2: $1.2506 High Dec 1
RES 1: $1.2490 Falling daily trend line
LPRICE: $1.2461
SUP 1: $1.2455 Alternating hourly support/resistance
SUP 2: $1.2419 Low Dec 1
SUP 3: $1.2402 Low Nov 25
SUP 4: $1.2357 2014 Low Nov 7
The bounce from fresh 2014 lows to start the new week has seen initial focus return to layers of resistance clustered $1.5761-1.5848 with bulls needing a close above to confirm bullish pressure and initially target the $1.5945-1.6040 region. While layers of resistance cap a bearish bias remains with bears now needing a close below $1.5695 to reconfirm the bearish focus, initially targeting the 2014 lows with overall focus on
the $1.6425-62 region last seen in Aug 2013.
RES 4: $1.5945 High Nov 11
RES 3: $1.5848 Falling daily trend line
RES 2: $1.5825 High Nov 27
RES 1: $1.5779 Falling Daily trend line, Hourly resistance
LPRICE: $1.5721
SUP 1: $1.5695 Hourly support Dec 1
SUP 2: $1.5584 2014 Low Dec 1
SUP 3: $1.5563 Low Sept 6 2013
SUP 4: $1.5462 Low Aug 30 2013
The sharp reversal lower from fresh 2014 and 7 year highs failed to carry on with the move below ¥117.98 with the bounce providing bulls with some comfort. In saying that, initial resistance is noted on the hourlies at ¥118.53 with bulls needing a close above to provide some breathing space and reconfirm focus on the ¥119.14-82 region. Bears now need a close below ¥117.68 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: ¥119.82 Monthly High Aug 8 2007
RES 3: ¥119.78 Bollinger band top
RES 2: ¥119.14 2014 High Dec 1
RES 1: ¥118.53 Hourly resistance Dec 2
LPRICE: ¥118.47
SUP 1: ¥118.22 Hourly support Dec 2
SUP 2: ¥117.87 Low Dec 1
SUP 3: ¥117.68 Hourly support Nov 27
SUP 4: ¥117.23 Low 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 ¥147.09 with bears needing a close below toe ease bullish pressure. Overall bears need to see a close below ¥145.58 to confirm a break of the 21-DMA and hint at a deeper correction that targets the ¥140.39-142.09 region
RES 4: ¥150.00 Psychological Resistance
RES 3: ¥149.64 Bollinger band top
RES 2: ¥149.13 2014 High Nov 20
RES 1: ¥148.43 Hourly resistance Nov 21
LPRICE: ¥147.64
SUP 1: ¥147.09 Low Dec 1
SUP 2: ¥146.29 Low Nov 25
SUP 3: ¥145.58 Low Nov 24
SUP 4: ¥144.77 Low Nov 1
Bears took comfort in the sharp reversal lower Monday that now sees immediate pressure having returned to key DMAs clustered in the £0.7888-0.7918 region. Initial resistance is now noted on the hourlies at £0.7946 with bulls needing a close above to relieve the renewed bearish pressure. Bears continue to look for a close below £0.7864 to confirm a break lower with immediate focus shifting to the £0.7764-66 region
RES 4: £0.8038 High Nov 19
RES 3: £0.8004 High Nov 21
RES 2: £0.7977 High Dec 1
RES 1: £0.7946 Alternating hourly support/resistance
LPRICE: £0.7925
SUP 1: £0.7915 21-DMA
SUP 2: £0.7888 55-DMA
SUP 3: £0.7864 High Nov 5, now support
SUP 4: £0.7798 Low Nov 6