Bulls continue to take some comfort in the recent bounces although the 21-DMA remains the sticking point. Bulls look for a close above $1.1541 to confirm a break of the 21-DMA, ending bearish hopes and shifting immediate focus to the $1.1661-1.1727 region. While the 21-DMA caps a slight bearish bias remains with bears now needing a close below $1.1365 to confirm the bearish bias and below $1.1261 to target 2015 lows
RES 4: $1.1680 High Jan 21
RES 3: $1.1661 38.2% Fibonacci retracement 1.2571-1.1098
RES 2: $1.1541 Low Jan 21 now resistance
RES 1: $1.1491 21-DMA
LPRICE: $1.1469
SUP 1: $1.1365 Alternating hourly support/resistance
SUP 2: $1.1304 Hourly support Feb 5
SUP 3: $1.1260 Low Jan 28
SUP 4: $1.1224 Low Jan 2
The recent close above the 21-DMA has now resulted in further gains with immediate focus now on the $1.5358-1.5413 region where the falling daily trend line, 55-DMA and 50.0% Fibonacci are located. Bulls look for a close above the 55-DMA to shift immediate focus to the $1.5486-1.5684 region where the 100-DMA is located. Bears now need a close below $1.5283 to ease the current bullish pressure on the $1.5358-1.5413 region
RES 4: $1.5486 Previous daily support now resistance
RES 3: $1.5413 55-DMA
RES 2: $1.5370 50.0% Fibonacci retracement 1.5788-1.4951
RES 1: $1.5358 Falling daily trend line
LPRICE: $1.5336
SUP 1: $1.5283 Hourly support Feb 5
SUP 2: $1.5149 21-DMA
SUP 3: $1.5139 Low Feb 4
SUP 4: $1.5082 Hourly support Feb 3
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: ¥117.73 21-DMA
LPRICE: ¥117.30
SUP 1: ¥116.66 Low Feb 2
SUP 2: ¥116.55 Bollinger band base
SUP 3: ¥115 85 2015 Low Jan 16
SUP 4: ¥115 57 Monthly Low Dec 16
The ¥132.22 level continues to support on dips with another bounce back towards the 21-DMA seen on Thursday as a result. Bulls now need a close above ¥135.79 to confirm a break of the 21-DMA, the first since early Dec, ending bearish hopes and shifting immediate focus to ¥137.67 and overall focus to the ¥138.94-142.07 region where key DMAs are located. Bears now need a close below ¥133.87 to relieve pressure on the 21-DMA and below ¥132.27 to target 2015 low
RES 4: ¥138.94 High Jan 14
RES 3: ¥137.65 High Jan 20, 38.2% Fibo 149.80-130.02
RES 2: ¥135.79 Low Jan 21 now resistance
RES 1: ¥135.32 21-DMA
LPRICE: ¥134.53
SUP 1: ¥133.87 Hourly support Feb 5
SUP 2: ¥132.22 Low Feb 2
SUP 3: ¥131.96 Hourly support Jan 30
SUP 4: ¥129.97 Monthly Low Sept 6 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: £0.7595 Low Jan 16 now resistance
RES 2: £0.7587 21-DMA
RES 1: £0.7520 Hourly support Feb 2 now resistance
LPRICE: £0.7476
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