Sideways trading within a broad $1.1260-1.1451 range has dominated for the past two weeks with a break of either side dictating the next move. Bears have been unable to capitalise on recent closes below the 21-DMA ($1.1 61) with the close back above the 21-DMA and falling daily trend line providing bulls with a little breathing space. Bulls need a close above the key $1.1451 resistance level to initially target $1.1540 and then $1.1680-1.1897.
RES 4: $1.1661 38.2% Fibonacci retracement 1.2571-1.1098
RES 3: $1.1541 Low Jan 21 now resistance
RES 2: $1.1450 High Feb 19
RES 1: $1.1389 High Feb 25
PRICE: $1.1364
SUP 1: $1.1334 Low Feb 25
SUP 2: $1.1279 Low Feb 20
SUP 3: $1.1260 Low Jan 28
SUP 4: $1.1224 Low Jan 27
The most recent bounce from the 55-DMA and repeated pressure on the $1.5486 level resulted in a break higher Wednesday that sees immediate focus having shifted to $1.5569-1.5622. A close above $1.5622 would then see bulls targeting the $1.5962-1.6185 region where 100 & 200-WMAs are located. Layers of support have accumulated with bears needing a close below $1.5467 to ease bullish pressure and shift immediate focus back to the key $1.5313-35 region where 21 & 55-DMAs are located.
RES 4: $1.5684 High Dec 19
RES 3: $1.5622 High Dec 31
RES 2: $1.5604 Bollinger band top
RES 1: $1.5569 100-DMA, 21-WMA
PRICE: $1.5540
SUP 1: $1.5511 Hourly support Feb 26
SUP 2: $1.5467 Hourly support Feb 25
SUP 3: $1.5402 Low Feb 24
SUP 4: $1.5335 55-DMA
Bulls continue to take comfort in the failure to break below the 21-DMA and rising daily channel base below with a close below the 21-DMA not seen since the break above in early Feb. Bears continue to look for a close below the channel base to end bullish hopes and target ¥115.45-116.66. Layers of resistance are accumulating with bulls now needing a close above ¥119.09 to relieve pressure on initial support and above ¥119.43 to reconfirm a bullish bias.
RES 4: ¥120.78 2015 High Jan 2
RES 3: ¥120.48 High Feb 11
RES 2: ¥119.43 Hourly support Feb 24 now resistance
RES 1: ¥119.09 Hourly resistance Feb 26
PRICE: ¥118.96
SUP 1: ¥118.59 21-DMA
SUP 2: ¥118.32 Rising daily channel base
SUP 3: ¥116.97 Bollinger band base
SUP 4: ¥116.66 Low Feb 2
Despite having recently looked heavy the EUR/JPY continues to find support around the 21-DMA. Bears look for a close below ¥134.42 to confirm a break of the 21-DMA and to shift immediate focus to the ¥133.55 support. A close below ¥133.55 then targets 2015 lows. Layers of resistance have accumulated with bulls needing a close above ¥135.59 to ease pressure on key support and above ¥136.72 to confirm a shift in focus to the ¥138.91-140.91 region where 55, 100 & 200-DMAs are located.
RES 4: ¥136.72 High Feb 12
RES 3: ¥136.23 High Feb 17
RES 2: ¥135.94 High Feb 19
RES 1: ¥135.59 High Feb 24
PRICE: ¥135.20
SUP 1: ¥134.42 Low Feb 24
SUP 2: ¥133.55 Low Feb 20
SUP 3: ¥132.52 Bollinger band base
SUP 4: ¥132.22 Low Feb 2
The EUR/GBP continues to pressure daily and weekly Bollinger band bases as fresh 2015 and 7+ year lows continue. The Bollinger band bases are seen as key concerns for bears and may limit follow through as bears remain focused on £0.7239. Bulls now look for a close above £0.7352 to ease bearish pressure whereas a close above £0.7462 is needed to confirm a break of the 21-DMA and hint at a bounce that targets the £0.7595 level.
RES 4: £0.7520 Hourly support Feb 2 now resistance
RES 3: £0.7462 High Feb 9
RES 2: £0.7422 21-DMA
RES 1: £0.7352 Hourly resistance Feb 23
PRICE: £0.7310
SUP 1: £0.7298 Weekly Bollinger band base
SUP 2: £0.7283 Bollinger band base
SUP 3: £0.7239 High Dec 12 2007 now resistance
SUP 4: £0.7114 Low Dec 17 2007