Recent rallies have been unable to break above the 21-DMA with the resulting sell-off Friday having seen immediate focus return to the $1.1260 support. Bears look for a close below this level to reconfirm the bearish bias and immediate focus on 2015 and 11+ year lows. Bulls need a close above $1.1541 to shift focus higher. Daily studies are back at neutral levels and well placed should another leg lower commence.
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: $1.1483 21-DMA
LPRICE: $1.1335
SUP 1: $1.1260 Low Jan 28
SUP 2: $1.1224 Low Jan 27
SUP 3: $1.1097 2015 Low Jan 26
SUP 4: $1.1015 High Sept 1 2003 now support
Recent gains above the 21-DMA Friday stalled at the falling daily trend line before the pair retreated for a relatively bearish close. The 21-DMA is seen as key support to start the new week with bears needing a close below to end bullish hopes and confirm focus on the $1.4951-89 region. Bulls look for a close above the 55-DMA to shift focus to the 100-DMA around $1.5672.
RES 4: $1.5486 Previous daily support now resistance
RES 3: $1.5403 55-DMA
RES 2: $1.5370 50.0% Fibonacci retracement 1.5788-1.4951
RES 1: $1.5347 Falling daily trend line
LPRICE: $1.5260
SUP 1: $1.5283 Hourly support Feb 5
SUP 2: $1.5147 21-DMA
SUP 3: $1.5139 Low Feb 4
SUP 4: $1.5082 Hourly support Feb 3
Time spent below the 21 & 55-DMAs came to an end following the aggressive bounce and close above the DMAs Friday. The key concern for bulls comes from the falling daily trend line off 2014 highs with bulls needing a close above to confirm a bullish bias and immediate focus on 2014 highs. Bears now look for a close back below the 55-DMA to ease bullish pressure whereas a close below the 21-DMA is now needed to end bullish hopes and shift focus back to ¥115.44-85
RES 4: ¥121.85 2014 High Dec 8
RES 3: ¥120.78 2015 High Jan 2
RES 2: ¥119.98 High Jan 8
RES 1: ¥119.32 High Jan 12, Falling daily trend line
LPRICE: ¥118.81
SUP 1: ¥118.72 55-DMA
SUP 2: ¥117.83 21-DMA
SUP 3: ¥116.66 Low Feb 2
SUP 4: ¥115 85 2015 Low Jan 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 lows
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: ¥135.05 21-DMA
LPRICE: ¥134.67
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 £0.7392-0.7405 support with a close below adding weight to the bearish case for a move that then targets the £0.7114-0.7239 region. 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: £0.7566 21-DMA
RES 1: £0.7520 Hourly support Feb 2 now resistance
LPRICE: £0.7424
SUP 1: £0.7405 2015 Low Jan 26
SUP 2: £0.7392 Monthly Low Jan 25 2008
SUP 3: £0.7347 2015 Low Jan 26
SUP 4: £0.7336 Bollinger band base