Last week’s failure at the falling daily channel top has resulted in sharp moves lower that see immediate bearish focus having shifted to the $1.1015 support and overall focus to the $1.0504 Mar 2003 monthly low. Layers of resistance continue to accumulate with bulls needing a close above $1.1392 to confirm an easing of bearish pressure and to shift focus back to the $1.1540-1.1680 region where the falling daily channel top is located.
RES 4: $1.1680 High Jan 21
RES 3: $1.1540 Low Jan 21 now resistance, Channel top
RES 2: $1.1392 Hourly resistance Jan 22
RES 1: $1.1315 Hourly support Jan 23 now resistance
LPRICE: $1.1238
SUP 1: $1.1224 Hourly support Jan 26
SUP 2: $1.1097 2015 Low Jan 26
SUP 3: $1.1015 High Sept 1 2003 now support
SUP 4: $1.0765 Monthly Low Sept 3 2003
Bulls are taking some comfort in the recovery from the recent 2015 lows but layers of resistance in the $1.5205-1.5333 region are likely to prove a worthy challenge. Bulls will need a close above $1.5212 to confirm a break of the 21-DMA and an easing of bearish pressure whereas a close above $1.5333 is needed to shift focus back to the $1.5486-1.5322 region where the 55-DMA is also located. While $1.5212 caps bears remain focused on 2013 lows
RES 4: $1.5333 High Jan 5
RES 3: $1.5271 38.2% Fibonacci retracement 1.5788-1.4951
RES 2: $1.5212 High Jan 22
RES 1: $1.5205 21-DMA
LPRICE: $1.5100
SUP 1: $1.5061 Hourly support Jan 27
SUP 2: $1.4951 2015 Low Jan 23
SUP 3: $1.4874 Bollinger band base
SUP 4: $1.4818 2013 Low July 9 2013
The ¥118.86 level continues to cap and confirm its significance as resistance. Bulls need a close above this level to confirm breaks of the 21-DMA (¥118.53) and 55-DMA (¥118.60), shifting immediate focus to the ¥119.90-98 region. While ¥118.86 caps bears retain the upper hand but need a close below ¥117.18 to confirm bearish focus on the ¥115.44-85 region. The Bollinger band base is expected to limit follow through on a break lower and will become the key concern for bears
RES 4: ¥119.98 Jan 8
RES 3: ¥119.32 High Jan 12
RES 2: ¥118.86 High Jan 13 & 20
RES 1: ¥118.53 21-DMA
LPRICE: ¥118.18
SUP 1: ¥118.08 Hourly support Jan 26
SUP 2: ¥117.18 Low Jan 21
SUP 3: ¥115 85 2015 Low Jan 16
SUP 4: ¥115 57 Monthly Low Dec 16
Bulls take a little comfort in the bounce Monday, the biggest bounce seen since the sell-off began back in late Dec. In saying that, bulls still need a close above ¥134.26 to hint at further topside and initially target the ¥137.67 level. While ¥134.26 caps immediate focus remains on the ¥129.97 low with Monday’s bounce coming from marginally above this level. O/S daily studies and the Bollinger band bases are seen as key concerns for bears but while ¥134.26 caps their dominance continues
RES 4: ¥137.67 High Jan 20
RES 3: ¥135.79 Low Jan 21 now resistance
RES 2: ¥135.06 Hourly resistance Jan 23
RES 1: ¥134.26 Hourly resistance Jan 23
LPRICE: ¥132.81
SUP 1: ¥132.56 Hourly support Jan 26
SUP 2: ¥130.62 Bollinger band base
SUP 3: ¥129.97 Monthly Low Sept 6 2013
SUP 4: ¥129.38 Low Aug 30 2013
Overall bearish focus remains on the £0.7114-0.7239 region last seen in Dec 2007. Bulls need a close above £0.7517 to ease bearish pressure and above £0.7595 to hint at a shift in focus back to the key £0.7703-46 region where the 21-DMA is located. The Bollinger band base and O/S daily studies remain key concerns for bears but while £0.7517 caps immediate focus remains on fresh 7 year lows
RES 4: £0.7715 High Jan 21
RES 3: £0.7677 High Jan 22
RES 2: £0.7595 Low Jan 16 now resistance
RES 1: £0.7517 Hourly resistance Jan 23
LPRICE: £0.7440
SUP 1: £0.7405 2015 Low Jan 26
SUP 2: £0.7392 Monthly Low Jan 25 2008
SUP 3: £0.7239 High Dec 12 2007 now resistance
SUP 4: £0.7114 Low Dec 17 2007