Layers of resistance remain in the $1.2226-1.2302 region with bulls needing a close above $1.2302 to confirm an easing of bearish pressure. Overall a close above $1.2365 is needed to confirm a break of the 21-DMA ($1.2326) and to shift focus to layers of resistance in the $1.2435-1.2599 region. While $1.2302 caps bears remain focused on the 2012 low with the Bollinger band base and O/S studies now concerns.
RES 4: $1.2302 Hourly resistance Dec 19
RES 3: $1.2273 High Dec 22
RES 2: $1.2254 High Dec 25
RES 1: $1.2226 Hourly resistance Dec 26
LPRICE: $1.2194
SUP 1: $1.2165 2014 Low Dec 23
SUP 2: $1.2133 Low Aug 2 2012
SUP 3: $1.2131 Bollinger band base
SUP 4: $1.2042 2012 Low July 24 2012
Fresh 2014 lows last Tuesday confirmed immediate focus on the $1.5425-62 region with bears looking for a close below to initially target $1.5204. The Bollinger band base ($1.5505) remains the key concern for bears and may limit follow through. Bulls continue to look for a close above $1.5608 to ease bearish pressure and above $1.5684 to confirm breaks of the 21-DMA & channel top, shifting immediate focus to
the $1.5788-1.5825 region where the 55-DMA is located.
RES 4: $1.5789 High Dec 16
RES 3: $1.5684 High Dec 19, Falling daily channel top
RES 2: $1.5640 21-DMA
RES 1: $1.5608 High Dec 23
LPRICE: $1.5580
SUP 1: $1.5528 Alternating hourly support/resistance
SUP 2: $1.5486 2014 Low Dec 23
SUP 3: $1.5462 Low Aug 30 2013
SUP 4: $1.5425 Low Aug 28 2013
The recovery from the ¥115.57 level has currently stalled ahead of the ¥121.00 level with initial resistance now noted at ¥120.61. Initial support is remains in the ¥119.71-91 region with bears needing a close below ¥119.71 to confirm an easing of bullish pressure and below the 21-DMA to shift initial focus to the ¥117.69-118.26 region. Bulls now need a close above ¥121.00 to reconfirm bullish pressure and retain immediate focus on the 2014 high and overall focus on the 2007 high at ¥124.16.
RES 4: ¥121.67 Bollinger band top
RES 3: ¥121.00 High Dec 9
RES 2: ¥120.82 High Dec 24
RES 1: ¥120.61 Hourly resistance Dec 29
LPRICE: ¥120.29
SUP 1: ¥119.91 Low Dec 25
SUP 2: ¥119.71 Hourly support Dec 22
SUP 3: ¥119.33 21-DMA
SUP 4: ¥118.26 Low Dec 18
Recent pressure on the rising daily trend line from late Oct has resulted in the pair breaking below with bears looking for a close below ¥145.94 to confirm a clean break and shift focus back to the ¥144.77-95 region. The 21-DMA continues to cap rallies with bulls needing a close above to confirm focus on the ¥148.37-149.80 region with the Bollinger band top noted at ¥149.01. The Bollinger band base at ¥145.35 is
seen as the key concern for bears
RES 4: ¥149.80 2014 High Dec 8
RES 3: ¥148.95 High Dec 9
RES 2: ¥148.37 Hourly resistance Dec 9
RES 1: ¥147.18 21-DMA
LPRICE: ¥146.71
SUP 1: ¥145.94 Low Dec 22
SUP 2: ¥145.58 Low Dec 18
SUP 3: ¥145.43 Bollinger band base
SUP 4: ¥144.95 Low Dec 16
The correction lower from last week’s high has seen immediate focus shift to the £0.7798-0.7801 region and overall focus back to the key £0.7764-66 region where 2012 and 2014 lows are located. Bulls now need a close above £0.7870 to confirm an easing of bearish pressure and above £0.7923 to confirm breaks of key DMAs and to shift overall focus back to the £0.8001-67 region where layers of resistance are
located.
RES 4: £0.7954 High Dec 17
RES 3: £0.7923 High Dec 18
RES 2: £0.7870 High Dec 23
RES 1: £0.7832 Hourly resistance Dec 26
LPRICE: £0.7824
SUP 1: £0.7801 Falling daily channel base
SUP 2: £0.7798 Low Nov 6
SUP 3: £0.7766 2014 Low Sept 30
SUP 4: £0.7764 2012 Low July 23 2012