EUR/USD failed to test initial support and left an inside-day while 10-day momentum shows positive divergence and daily slow stochastic looks likely to reverse higher from oversold levels. Initial res is at $1.2877/83/97, the 50.0% of $1.2043-1.3711, the Jul 4 low and 5-DMA. A break above here could see a test of the former Jul 2012 support line at $1.2928, however monthly and weekly studies are bearish and medium-term target remains to the downside.
R 4: $1.3061/75 55-DMA, 200-DMA
R 3: $1.3032/34/36 Jul 3 high, 100-DMA
R 2: $1.2923-43 Low Jul 3, Jul 2012 Supp line, 55-wk MA
R 1: $1.2877/83/97 50.0% of $1.2043-1.3711, Low Jul 4, 5-DMA
Latest price: $1.2860
S 1: $1.2797/2802/04 Reversal low May 17, Supp line Nov 2012 low, low Oct 2012
S 2: $1.2746/56 Reversal low Apr 4, Daily Bollinger band base
S 3: $1.2680 61.8% of $1.2043-1.3711
S 4: $1.2662 Nov 2012 reversal low
GBP/USD leaves slight inside-day after failing to break below key initial support, at $1.4832, includes Mar 12th reversal low, daily Bolli base, the 61.8% $1.3503-1.7043 and Jul 5 low. Bears likely look to test this level today as weekly and monthly studies slide, but daily studies look oversold and perhaps bulls look for a quick correction, initial res is at $1.4954/66, hourly high and Jul 8 high. Above here is the key $1.5009 level from the May 29 low.
R 4: $1.5101 Support line from Mar low
R 3: $1.5049 Former 76.4% of $1.4832-1.5752
R 2: $1.5009 Low May 29
R 1: $1.4954/66 Hourly high, High Jul 8
Latest price: $1.4940
S 1: $1.4832-58 low Mar 12th, Daily Bolli base, Low Jul 5
S 2: $1.4824 Weekly Bollinger band base
S 3: $1.4784 Low week of Mar 1st 2010
S 4: $1.4662 High week ending Feb 27th 2009
USD/JPY holds above the daily Ichimoku cloud top and leaves a higher high and higher low but is still testing the cloud top as support, seen at Y100.80 and still initial support. A break below here could see bears take control as daily & monthly studies look overbought, however, weekly studies turned higher and the pair may begin to test initial res at Y101.45/53 the Apr 2009 reversal high and the Jul 8 high. Further res is at Y102.08, the May 21 low.
R 4: Y103.74/78 Reversal high May 22, Reversal low June 2012
R 3: Y102.32/45/76/89 Daily & Monthly Bollinger band tops, Highs May 15, 21
R 2: Y102.08 Low May 21
R 1: Y101.45/53 Reversal high Apr 2009, High Jul 8
Latest price: Y101.12
S 1: Y100.77/79/80 Hourly low, May 9 high, Daily Ichimoku cloud top
S 2: Y99.90/94/95 High Apr 22, High Apr 11
S 3: Y99.19/35 23.6% of Y93.79-100.86, 55-DMA
S 4: Y98.76-87 Weekly Tenkan, Low Jun 3
EUR/JPY still holding towards the top of the daily Ichimoku cloud while daily and monthly studies rise further into overbought territory. Initial support now at Y129.08, the daily Tenkan line but bulls are looking to retest the cloud top as initial res at Y130.85, just below the dly Bolli top at Y131.08. Above here, further res is at Y132.04/08/24, these being the 50.0% of Y169.96-94.12, the May 31 high and the rising channel top from the Jun 13 low.
R 4: Y132.77/87 High May 14, High May 23
R 3: Y132.40 High May 13
R 2: Y132.04/08/24 May 31 high, Rising channel top
R 1: Y130.85/131.08/12 Daily Ichimoku cloud top & Bolli band top, High Apr 11
Latest price: Y130.40
S 1: Y129.08 Daily Tenkan line
S 2: Y128.40/45/51 200-month MA, High Jun 26, 21-DMA
S 3: Y128.08/-19 Highs Jun 18, 14, Daily Kijun & Rising channel base
S 4: Y127.27/59 100-DMA, 21-week MA