Bears have been unable to capitalize on recent pressure on the $1.1260 support with the break and close above the 21-DMA Thursday, the first since mid-Dec, having eased bearish pressure. Immediate focus shifts to the $1.1541 resistance with a break above then targeting layers of resistance in the $1.1680-1.1900 region. Bears need a close below $1.1364 to reconfirm the bearish bias and below $1.1260 to shift immediate focus to 2015 lows
RES 4: $1.1727 Low Jan 14
RES 3: $1.1680 High Jan 21
RES 2: $1.1661 38.2% Fibonacci retracement 1.2571-1.1098
RES 1: $1.1541 Low Jan 21 now resistance
LPRICE: $1.1411
SUP 1: $1.1374 21-DMA
SUP 2: $1.1364 Alternating hourly support/resistance
SUP 3: $1.1260 Low Jan 28
SUP 4: $1.1224 Low Jan 27
Gains continued to end the week with GBP/USD making headway above the 55-DMA and having bounced from a dip in early Asian trading today. Bears need a close below the 55-DMA to ease bullish pressure and shift focus back to the $1.5171-00 region where the 21-DMA is located. While the 55-DMA supports immediate pressure remains on the key $1.5468-86 region with a close above targeting the 100-DMA
RES 4: $1.5624 100-DMA
RES 3: $1.5622 High Dec 31
RES 2: $1.5486 Previous daily support now resistance
RES 1: $1.5468 61.8% Fibonacci retracement 1.5788-1.4951
LPRICE: $1.5431
SUP 1: $1.5368 55-DMA
SUP 2: $1.5343 Hourly support Feb 12
SUP 3: $1.5200 Low Feb 9
SUP 4: $1.5171 21-DMA
Last week’s pullback from spikes above the Bollinger band top (¥119.88) now see USD/JPY flirting with the 21-DMA. Bears need a close below the 21-DMA to end bullish hopes and to shift overall focus back to the ¥115.45-85 region with the 100-DMA now noted at ¥115.76. Bulls need a close above ¥119.28 to relieve the pressure on the 21-DMA and to shift immediate focus back to the ¥120.48-78 region. Overall while the 21-DMA supports a slight bullish bias remains with the key concern being the Bollinger band top
RES 4: ¥121.85 2014 High Dec 8
RES 3: ¥120.78 2015 High Jan 2
RES 2: ¥120.48 High Feb 11
RES 1: ¥119.28 Alternating daily support/resistance
LPRICE: ¥118.49
SUP 1: ¥118.24 21-DMA
SUP 2: ¥117.64 Rising daily trend line
SUP 3: ¥116.66 Low Feb 2
SUP 4: ¥116.59 Bollinger band base
Recent topside pressure on the ¥135.79 level resulted in a close above and a shift in bullish focus to layers of resistance in the ¥138.94-142.07 region where key DMAs are located. Initial support remains at ¥134.69 but bears need to see a close below the 21-DMA, ending bullish hopes and shifting overall focus back to the ¥129.97-132.27 region. Bulls now look for above ¥137.67 to add support to the bullish case and target key DMAs ¥139.50-141.00.
RES 4: ¥139.56 200-DMA
RES 3: ¥138.94 High Jan 14
RES 2: ¥137.65 High Jan 20, 38.2% Fibo 149.80-130.02
RES 1: ¥136.72 High Feb 12
LPRICE: ¥135.23
SUP 1: ¥134.69 Low Feb 12
SUP 2: ¥134.55 21-DMA
SUP 3: ¥134.04 Low Feb 10
SUP 4: ¥133.68 Low Feb 9
The £0.7595 level confirmed significance with the steady recovery from 2015 lows topping out at this level before reversing sharply lower in recent weeks. Bearish pressure resulted in fresh 2015 and 7+ year lows last week with immediate bearish focus having shifted to the daily Bollinger band base. Bulls need a close above £0.7462 to ease bearish pressure and above £0.7520 to shift focus back to the key £0.7595 level.
RES 4: £0.7715 High Jan 21
RES 3: £0.7595 Low Jan 16 now resistance
RES 2: £0.7520 Hourly support Feb 2 now resistance
RES 1: £0.7462 High Feb 9
LPRICE: £0.7393
SUP 1: £0.7372 2015 Low Feb 12
SUP 2: £0.7365 Weekly Bollinger band base
SUP 3: £0.7324 Bollinger band base
SUP 4: £0.7239 High Dec 12 2007 now resistance