The 21-DMA confirmed its significance as resistance with bears feeling confident following the pullback that sees immediate focus on the $1.1260-1.1304 support region. Bears need a close below $1.1260 to reconfirm the bearish bias and shift immediate focus to the 2015 and 11+ year low. Bulls continue to look for a close above $1.1541 to confirm a break of the 21-DMA ending bearish hopes and initially targeting $1.1680-1.1727.
RES 4: $1.1541 Low Jan 21 now resistance
RES 3: $1.1500 21-DMA
RES 2: $1.1450 Hourly resistance Feb 4
RES 1: $1.1362 Hourly resistance Feb 5
PRICE: $1.1343
SUP 1: $1.1304 Hourly support Feb 5
SUP 2: $1.1260 Low Jan 28
SUP 3: $1.1224 Low Jan 27
SUP 4: $1.1097 2015 Low Jan 26
Bulls continue to take comfort from consolidation above the 21-DMA since Tuesday’s close above with pressure on the $1.5253-76 region while the 21-DMA supports. Bears now need a close below the 21-DMA to ease pressure on the resistance region and shift immediate focus back to the 2015 low and overall focus to the 2013 low. A close above $1.5276 shifts immediate focus to layers of resistance $1.5333-1.5486.
RES 4: $1.5333 High Jan 5
RES 3: $1.5276 High Jan 14
RES 2: $1.5271 38.2% Fibonacci retracement 1.5788-1.4951
RES 1: $1.5253 High Feb 4
LPRICE: $1.5201
SUP 1: $1.5131 21-DMA
SUP 2: $1.5082 Hourly support Feb 3
SUP 3: $1.4989 Low Jan 30
SUP 4: $1.4951 2015 Low Jan 23
With the 21-DMA having guided USD/JPY lower for the past couple of weeks bears favour a break lower that initially targets the ¥115.44-85 region. The 21-DMA remains initial resistance but the ¥118.86 level remains key with bulls needing a close above to confirm a break of the 55-DMA, ending bearish hopes and shifting immediate focus to the ¥120.00-85 region. The Bollinger band base is expected to come into play on a break lower with bears needing a close below ¥116.66 to add weight to their case.
RES 4: ¥119.32 High Jan 12
RES 3: ¥118.86 High Jan 13 & 20
RES 2: ¥118.68 55-DMA
RES 1: ¥117.82 21-DMA
LPRICE: ¥117.18
SUP 1: ¥116.66 Low Feb 2
SUP 2: ¥116.37 Bollinger band base
SUP 3: ¥115 85 2015 Low Jan 16
SUP 4: ¥115 57 Monthly Low Dec 16
The recovery was short lived with it having failed ahead of the 21-DMA and the correction lower returning immediate focus to the ¥132.22 support. Bears look for a close below this level to reconfirm focus on the key ¥129.97 support with the Bollinger band base also noted around this level. Bulls need a close above ¥135.79 to confirm a break of the 21-DMA, ending bearish hopes and shifting focus to layers of resistance ¥137.67-141.76 were Fibo retracements and key DMAs are located.
RES 4: ¥135.79 Low Jan 21 now resistance
RES 3: ¥135.54 21-DMA
RES 2: ¥134.66 Hourly resistance Feb 4
RES 1: ¥133.75 Alternating hourly support/resistance
LPRICE: ¥132.97
SUP 1: ¥132.22 Low Feb 2
SUP 2: ¥131.96 Hourly support Jan 30
SUP 3: ¥129.97 Monthly Low Sept 6 2013
SUP 4: ¥129.38 Low Aug 30 2013
The £0.7595 level confirmed significance with the steady recovery from 2015 lows topping out at this level before reversing sharply lower. Immediate focus has now returned to the £0.7442 support with a close below adding weight to the bearish case for a break of the key £0.7392 support and targeting the Bollinger band base. A close above £0.7520 is now needed to ease bearish pressure and above £0.7595 to shift focus higher
RES 4: £0.7715 High Jan 21
RES 3: £0.7620 21-DMA
RES 2: £0.7595 Low Jan 16 now resistance
RES 1: £0.7520 Hourly support Feb 2 now resistance
LPRICE: £0.7461
SUP 1: £0.7442 Low Jan 29
SUP 2: £0.7405 2015 Low Jan 26
SUP 3: £0.7392 Monthly Low Jan 25 2008
SUP 4: £0.7347 2015 Low Jan 26