Time spent above the 21-DMA ($1.2433) was brief with the correction lower confirming the significance of the $1.2506-49 resistance region. Bulls now need a close above the 55-DMA to shift immediate focus to the $12.601-05 region where the falling daily trend line is located and overall focus to the $1.2771-1.2885 region. While $1.2506-49 caps bears remain focused on the $1.2042-1.2241 region with below $1.2345 to add weight to the bearish case.
RES 4: $1.2549 55-DMA
RES 3: $1.2532 High Nov 26
RES 2: $1.2506 High Dec 1
RES 1: $1.2414 Hourly resistance Dec 12
LPRICE: $1.2395
SUP 1: $1.2345 Alternating hourly support/resistance
SUP 2: $1.2241 Low Aug 10 2012
SUP 3: $1.2133 Low Aug 2 2012
SUP 4: $1.2042 2012 Low July 24 2012
Despite the close above the 21-DMA and recovery from 2014 lows, current hesitation ahead of $1.5763 resistance and the falling daily trend line coming in just below is a little concerning for bulls. In saying that, bulls need a close above $1.5763 to confirm bullish bias but this sees the proximity of the Bollinger band top become an issue. Bears now need a close below $1.5712 to reconfirm bearish pressure and below $1.5647 to target 2014 lows.
RES 4: $1.5899 55-DMA
RES 3: $1.5825 High Nov 27
RES 2: $1.5778 Bollinger band top
RES 1: $1.5763 High Dec 1
LPRICE: $1.5718
SUP 1: $1.5712 Hourly support Dec 12
SUP 2: $1.5647 Low Dec 10
SUP 3: $1.5624 Low Dec 9
SUP 4: $1.5541 2014 Low Dec 8
The Y117.23 support confirmed significance with the recovery coming from just above. Layers of support Y116.33-117.23 are now key with bears needing a close below to confirm a break of the Oct-Dec rising daily channel base. This would see immediate focus shift to Y115.31 and overall focus back to Y112.32-113.86. Bulls need a close above Y120.12 to reconfirm bullish pressure and see initial focus return to retests of recent 2014 and 7 year highs.
RES 4: Y121.03 Bollinger band top
RES 3: Y121.00 High Dec 9
RES 2: Y120.12 Hourly resistance Dec 9
RES 1: Y119.55 High Dec 11
LPRICE: Y118.80
SUP 1: Y118.49 Hourly support Dec 12
SUP 2: Y117.85 Hourly support Dec 11
SUP 3: Y117.23 Low Nov 27
SUP 4: Y116.33 Low Nov 18, Rising channel base off Oct Lows
The bounce from ahead of the ¥146.29 support eased bearish pressure and confirmed the significance of this support level. The ¥145.58-146.29 support region remains key with bears needing a close below ¥145.58 to hint at a deeper correction and bears then targeting the ¥140.39-142.09 region. Bulls now need a close above ¥148.91 needed to shift immediate focus back to the ¥150.00 level.
RES 4: ¥149.80 2014 High Dec 8
RES 3: ¥148.95 Alternating daily support/resistance
RES 2: ¥148.37 Hourly resistance Dec 9
RES 1: ¥148.05 High Dec 12
LPRICE: ¥147.31
SUP 1: ¥146.95 Hourly support Dec 12
SUP 2: ¥146.29 Low Nov 25
SUP 3: ¥145.58 Low Nov 24
SUP 4: ¥145.42 Bollinger band base
The break above the 21-DMA and £0.7946 level Thursday lacked follow through with the bearish close seeing immediate focus on the £0.7832 support and overall focus return to the key £0.7764-66 region. Initial resistance is noted on the hourlies with bulls needing a close above to ease bearish pressure and above £0.7955 to target the £0.8027-67 region where the 200-DMA is located.
RES 4: £0.7977 High Dec 1
RES 3: £0.7954 High Dec 11
RES 2: £0.7928 21-DMA
RES 1: £0.7908 Hourly support Dec 11 now resistance
LPRICE: £0.7881
SUP 1: £0.7862 Low Dec 9
SUP 2: £0.7832 Low Dec 3
SUP 3: £0.7798 Low Nov 6
SUP 4: £0.7766 2014 Low Sept 30