EUR/USD descends to trade just above key support, at $1.3061/73/80/86, the May 30 high and the 200, 55 and 100-day moving averages. Daily studies still slide and wkly studies look likely to reverse lower, a break below initial support would see bears test the 61.8% of $1.2797-1.3417, further supp at $1.3034. Bears may like to test the supp line from July 2012, at $1.2905 and formed supp in May. Initial res seen around the 21-DMA – at $1.3172.
R 4: $1.3306/08 High Jun 6, Reversal high Dec 19
R 3: $1.3271/79/95 23.6% of $1.2797-1.3417, Lows Jun 13, 14
R 2: $1.3200 High Apr 17
R 1: $1.3161/72/80 Low Jun 20, 21-DMA, 38.2% of $1.2797-1.3417
Latest price: $1.3105
S 1: $1.3061/73/80/86 High May 30, 200-DMA, 55-DMA, 100-DMA
S 2: $1.3034 61.8% of $1.2797-1.3417
S 3: $1.2998 High May 22
S 4: $1.2927/43 55-week MA, 76.4% of $1.2797-1.3417
GBP/USD moves below the 21-DMA, res at $1.5446 and bears are testing Friday’s low, initial supp at $1.5368, joined by the hourly low at $1.5366. A break below here would likely test further supp at $1.5314/17/26, the May 10 low, 100-DMA and 21-wk MA. Daily studies are bearish and weekly studies may reverse lower, monthly studies are flat to bearish. Bears look to retest $1.5009, the May 29 low, before testing supp at $1.4832, Mar 12 reversal low.
R 4: $1.5566/77 Low Jun 18, 23.6% of $1.5009-1.5752
R 3: $1.5535 23.6% of $1.4832-1.5752
R 2: $1.5446/68/86/89 21-DMA, 5-DMA, Low Jun 7
R 1: $1.5401/15/24 38.2% $1.4832-1.5752, Low Jun 20
Latest price: $1.5370
S 1: $1.5366/68 Hourly low, Jun 21 low
S 2: $1.5314/17/26 May 10 low, 100-DMA, 21-week MA
S 3: $1.5281-93 Highs May 20, 17, 50% $1.4832-1.5752
S 4: $1.5183/84 61.8% of $1.4832-1.5752
USD/JPY moves back within the Ichimoku cloud while daily and monthly studies rise also. Weekly studies still bearish but are firmer and the weekly bullish engulfing candle should shift sentiment to the upside. Initial res now at Y98.76/83 – strong res seen at Y98.76 as this level is shared by the daily Kijun, weekly Tenkan and the 50.0% of Y103.74-93.79. Above here is the 55-DMA at Y99.16 and Jun 10 high at Y99.28 and daily cloud top is at Y100.25.
R 4: Y100.25 Daily Ichimoku cloud top
R 3: Y99.90/94/95 High Apr 22, 61.8% of Y103.74-93.79, High Apr 11
R 2: Y99.16/28 55-DMA, High Jun 10
R 1: Y98.76/83 Wkly Tenkan/Dly Kijun/50% Y103.74-93.79
Latest price: Y98.50
S 1: Y96.87/97 Jun 21 low, 100-DMA
S 2: Y95.77/79/81 High Jun 18, 61.8% of Y90.88-103.74, High Jun 14
S 3: Y94.99/95.22 May 2010 reversal high, Jun 17 high
S 4: Y93.71/91/99 Wkly Kijun, 38.2% Y75.35-124.14
EUR/JPY still trying to break above key res around and just below the daily Ichimoku cloud top – further res at Y129.87. The past two sessions saw bulls pushed back from this level and initial res now at Y129.39, the daily Kijun and weekly Tenkan lines. Daily/monthly studies are bullish, weekly studies slide, but further res at Y129.68/70, the 55-DMA and Jun 21 high. Initial supp around Y128.08/12/18, the highs of Jun 18, 14 and the 38.2% of Y119.11-133.80.
R 4: Y130.33/42 23.6% of Y119.11-133.80, May 8 high
R 3: Y129.82/87/97 Highs Apr 25 & May 2, Daily Ichimoku cloud top, Low May 23
R 2: Y129.68/70 55-DMA, High Jun 21
R 1: Y129.39 Weekly Tenkan line & Daily Kijun line
Latest price: Y128.95
S 1: Y128.08/12/18 Highs Jun 18, 14
S 2: Y127.44/49 Daily Tenkan line, Jun 6 low
S 3: Y126.87/96/127.06 100-DMA, High Jun 17, Apr 29 low & 21-week MA
S 4: Y125.94/126.04/18 Daily Ichimoku base, Reversal high Mar 12, Jun 7 low