The bounce from recent 2015 and 11 year lows failed ahead of key resistance in the $1.1460-1.1727 region. Bulls need a close above $1.1540 to confirm breaks of $1.1460 and the channel top whereas above $1.1727 confirms a break of the 21-DMA ($1.1636) and shifts focus to the $1.1897-1.1977 region. The $1.1224 support is key with bears needing a close below to reconfirm immediate focus on $1.1015.
RES 4: $1.1540 Low Jan 21 now resistance
RES 3: $1.1468 Falling daily channel top
RES 2: $1.1423 High Jan 27
RES 1: $1.1296 Hourly resistance Jan 29
LPRICE: $1.1272
SUP 1: $1.1224 Low Jan 27
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
The failure to close above the 21-DMA ($1.5168) has seen a bearish bias remain and confirmed the significance of the layers of resistance in the $1.5223-1.5333 region which remain key. Bulls need a close above $1.5223 to confirm a break of the 21-DMA and above $1.5333 to shift focus back to the $1.5486-1.5622 region. Initial support is now noted at $1.5118 with bears needing a close below to reconfirm a bearish bias
RES 4: $1.5370 50.0% Fibonacci retracement 1.5788-1.4951
RES 3: $1.5333 High Jan 5
RES 2: $1.5271 38.2% Fibonacci retracement 1.5788-1.4951
RES 1: $1.5223 High Jan 27
LPRICE: $1.5145
SUP 1: $1.5118 Hourly resistance Jan 27 now support
SUP 2: $1.5061 Hourly support Jan 27
SUP 3: $1.4951 2015 Low Jan 23
SUP 4: $1.4818 2013 Low July 9 2013
The ¥118.86 level remains key resistance with the 21 & 55-DMAs noted below. Bulls need a close above ¥118.86 to confirm breaks of the 21-DMA (¥118.32) and 55-DMA (¥118.66), 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: ¥118.32 21-DMA
LPRICE: ¥117.60
SUP 1: ¥117.18 Low Jan 21
SUP 2: ¥116.37 Bollinger band base
SUP 3: ¥115 85 2015 Low Jan 16
SUP 4: ¥115 57 Monthly Low Dec 16
Bulls took a little comfort in the bounce Monday, the biggest since the sell-off began back in late Dec but the recovery appears to have come to an end. The brief move above the previous ¥134.26 resistance was aggressively reversed with immediate focus having returned to the ¥129.97 level where the Bollinger band comes in today too. Bulls now need a close above ¥134.39 to ease bearish pressure and shift focus to the ¥135.66-137.72 region where the 21-DMA is located.
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: ¥134.39 High Jan 28
LPRICE: ¥132.57
SUP 1: ¥132.37 Hourly support Jan 29
SUP 2: ¥130.70 Weekly Bollinger band base
SUP 3: ¥129.97 Monthly Low Sept 6 2013, Bollinger band base
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 £0.7672-46 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: £0.7442
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