Layers of resistance remain in the $1.2456-1.2532 region with the bounce from fresh 2014 and 2 year lows stalling at $1.2456 O/N. Bulls need to see a close above $1.2456 to confirm an easing of bearish pressure and above $1.2532 to shift initial focus to $1.2599 and overall focus to the $1.2771-1.2885 region. Bears now look for a close below $1.2359 to reconfirm focus on the $1.2042-1.2241 region
RES 4: $1.2532 High Nov 26
RES 3: $1.2506 High Dec 1
RES 2: $1.2456 High Dec 4, Falling daily trend line
RES 1: $1.2393 Hourly resistance Dec 5
LPRICE: $1.2375
SUP 1: $1.2359 Hourly support Dec 4
SUP 2: $1.2279 2014 Low Dec 4
SUP 3: $1.2241 Low Aug 10 2012, Trend line projection
SUP 4: $1.2133 Low Aug 2 2012
Bounces continue to stall around the 21-DMA with immediate focus on the recent 2014 low with a break below $1.5584 confirming initial focus on a move that targets the $1.5425-62 region. Layers of resistance remain in the $1.5718-1.5825 region with bulls needing a close above to confirm an easing of bearish pressure and shift immediate focus to the $1.5947-1.6040 region. The Bollinger band base remains the key concern for bears and may limit follow through on a break lower.
RES 4: $1.5945 High Nov 11
RES 3: $1.5825 High Nov 27, Falling daily trend line
RES 2: $1.5763 High Dec 1
RES 1: $1.5718 21-DMA
LPRICE: $1.5633
SUP 1: $1.5619 Low Dec 4
SUP 2: $1.5584 2014 Low Dec 1
SUP 3: $1.5563 Low Sept 6 2013
SUP 4: $1.5462 Low Aug 30 201
The break of the Y120.00 level now shifts overall bullish focus to the ¥124.16 2007 high with initial focus on the rising daily channel top around ¥122.00 today. With the rising daily channel base at ¥118.88 bears now look for a close below this level to ease bullish pressure and shift immediate focus back to the ¥116.34-117.87 region where the 21-DMA is located. The Bollinger band top comes in at ¥120.69 today and is seen as the key concern for bulls as it may limit follow through on moves above.
RES 4: ¥124.16 2007 June 2007
RES 3: ¥122.00 Rising daily channel top
RES 2: ¥120.69 Bollinger band top
RES 1: ¥120.25 2014 High Dec 4
PRICE: ¥120.01 @ 0530GMT
SUP 1: ¥119.64 Hourly support Dec 4
SUP 2: ¥119.04 Hourly support Dec 2
SUP 3: ¥118.88 Rising daily channel base
SUP 4: ¥118.53 Alternating hourly support/resistance
Bullish pressure was reconfirmed with the break above ¥148.19 Thursday with the ¥148.10 level now noted as initial support on the hourlies. In saying that, bears need a close below ¥147.03 to confirm an easing of bullish pressure and below ¥145.58 now needed to hint at a deeper correction targeting the ¥140.39-142.09 region. For now immediate focus remains on the key psychological ¥150.00 level with a close above targeting ¥151.39-153.51 last seen in Sept 2008
RES 4: ¥150.00 Psychological resistance level
RES 3: ¥149.98 Bollinger band top
RES 2: ¥149.13 2014 High Nov 20
RES 1: ¥148.95 High Dec 4
LPRICE: ¥148.57
SUP 1: ¥148.10 Hourly support Dec 4
SUP 2: ¥147.03 Low Dec 1
SUP 3: ¥146.29 Low Nov 25
SUP 4: ¥145.58 Low Nov 24
The aggressive bounce Thursday that negated Wednesday’s sell-off is an issue for bears especially when combined with correcting O/S daily studies. Immediate focus has now returned to the key £0.7922-46 resistance region with bulls needing a close above to end bearish hopes and shift overall focus back to the £0.8036-67 region. Bears now need a close below £0.7883 to reconfirm bearish pressure
RES 4: £0.8004 High Nov 21
RES 3: £0.7977 High Dec 1
RES 2: £0.7946 Alternating hourly support/resistance
RES 1: £0.7922 High Dec 4
LPRICE: £0.7914 @ 0530GMT
SUP 1: £0.7883 Hourly support Dec 4
SUP 2: £0.7864 Alternating hourly support/resistance
SUP 3: £0.7832 Low Dec 3
SUP 4: £0.7798 Low Nov 6