Bears continue to dominate with fresh 2015 and 11+ year lows now shifting overall bearish focus to the $1.1383 Nov 2003 monthly low. Layers of resistance are again accumulating with bulls needing a close above $1.1793 to confirm a break of the channel top ($1.1778) and ease bearish pressure whereas a close above $1.1898 is needed to hint at a shift higher in focus. The Bollinger band base and O/S studies remain concerns for bears.
RES 4: $1.1870 High Jan 12
RES 3: $1.1793 High Jan 15
RES 2: $1.1746 Hourly resistance Jan 15
RES 1: $1.1666 Hourly support Jan 15 now resistance
LPRICE: $1.1629
SUP 1: $1.1599 Hourly support Jan 16
SUP 2: $1.1568 2015 Low Jan 15
SUP 3: $1.1519 Falling daily channel base
SUP 4: $1.1383 Monthly low Nov 2003
The pullback from $1.5274 resistance is a concern for bulls with the $1.5142 support seen as key. Bulls now need a close above $1.5194 to provide some breathing space and to shift focus back to the key $1.5274-1.5335 resistance. Bears look for a close below $1.5142 to reconfirm the bearish bias and shift immediate focus back to $1.4971-1.5023. Correcting O/B daily studies are supportive of the bullish case but $1.5142 is key.
RES 4: $1.5335 Hourly resistance Jan 5
RES 3: $1.5322 38.2% Fibonacci retracement 1.5788-1.5034
RES 2: $1.5274 High Jan 6
RES 1: $1.5194 Hourly resistance Jan 16
LPRICE: $1.5167
SUP 1: $1.5142 Low Jan 14
SUP 2: $1.5077 Low Jan 13
SUP 3: $1.5023 Low July 15 2013
SUP 4: $1.4971 Bollinger band base
USD/JPY is now making headway below the Ichimoku cloud base (Y117.63) with immediate focus on the Y115.44-57 region and the 38.2% Fibo of the Y105.19-121.85 move noted at Y115.49. the 55-DMA has capped rallies since dipping below on Tuesday and bulls continue to look for a close above to ease bearish pressure and shift focus back to the Y118.85-119.96 region. The Bollinger band base (Y116.56) remains the key concern for bears.
RES 4: Y119.96 High Jan 8
RES 3: Y119.32 High Jan 12
RES 2: Y118.85 High Jan 13
RES 1: Y118.14 55-DMA
LPRICE: Y116.73
SUP 1: Y115 57 Monthly Low Dec 16
SUP 2: Y115 44 Low Nov 17
SUP 3: Y113.86 Low Nov 10
SUP 4: Y113.52 50.0% Fibonacci retracement Y105.19-121.85
The continuation lower Thursday confirmed the focus on 2014 lows with the EUR/JPY having found support just above. Layers of resistance have accumulated with bulls needing a close above ¥137.00 to ease bearish pressure whereas a close above ¥138.93 is now needed to shift focus back to the ¥140.22-141.76 region where the 100 & 200-DMAs are located. The key concerns for bears are seen coming from O/S daily studies and the Bollinger band base (¥135.40).
RES 4: ¥138.93 Hourly resistance Jan 14
RES 3: ¥138.06 Hourly support Jan 14 now resistance
RES 2: ¥137.00 Low Jan 14 now resistance
RES 1: ¥136.06 Hourly support Jan 15 now resistance
LPRICE: ¥135.68
SUP 1: ¥135.16 Hourly support Jan 16
SUP 2: ¥134.71 Low Jan 15
SUP 3: ¥134.14 2014 Low Oct 16
SUP 4: ¥132.39 Weekly Bollinger band base
The sell-off accelerated Thursday with the EUR/GBP managing a dip below the daily channel base before finding support ahead of the longer term weekly channel base. The close well below the Bollinger band base (£0.7692) is the key concern for bears and may limit follow through while it catches up. Bulls now need a close above £0.7705 to ease bearish pressure and above £0.7746 to shift focus back to the 21-DMA channel top (£0.7799-0.7805)
RES 4: £0.7805 Falling daily channel top (Dec-Jan)
RES 3: £0.7784 Previous daily support now resistance
RES 2: £0.7746 High Jan 15
RES 1: £0.7705 Hourly resistance Jan 15
LPRICE: £0.7666
SUP 1: £0.7636 Falling daily channel base (Dec-Jan)
SUP 2: £0.7626 2015 Low Jan 15
SUP 3: £0.7616 Long term weekly channel base (Jul 2013-Jan)
SUP 4: £0.7597 Monthly Low Mar 10 2008