EUR/USD remains above the former channel top with daily stochastic study remaining firm but other studies approaching overbought levels. Resistance is now in the $1.3739/1.3829 region from a number of daily highs, with the daily Bollinger band top included. Bulls will want to push on to the $1.3893 Dec 27 reversal high. However, bears aim to turn those daily studies, facing MA support from $1.3680 (5-DMA) and $1.3657 (55-DMA).
R 4: $1.3874 Monthly resistance line from Jul 2008
R 3: $1.3829 High 25 Oct
R 2: $1.3811/18 Highs Dec 11 & Dec 18, Dec 30/31
R 1: $1.3739/65 High Jan 24, Daily Bollinger band top
Latest price: $1.3708
S 1: $1.3657 55-DMA
S 2: $1.3619 21, 100-DMA
S 3: $1.3594 50.0% of $1.3296-1.3893
S 4: $1.3562 Low Feb 13
GBP/USD is pressuring the daily Bollinger band top, supported by the daily stochastic studies, with bulls trying to build on the recent cross of the 5 & 21-DMAs to test Nov 2009 highs of $1.6878. Bears need to pull the market back toward those MA supports at $1.6693 and $1.6515, focusing on a stretched RSI, although for now, hourly studies are also recovering
R 4: $1.6923 Minor trend line from mid-June
R 3: $1.6878 Monthly high of Nov 2009
R 2: $1.6823/26 High 17 Feb, 138.2% projection level
R 1: $1.6805 Bollinger band top
Latest price: $1.6737
S 1: $1.6665 High Jan 24,
S 2: $1.6635 200-month MA
S 3: $1.6603 Former reversal high Jan 2
S 4: $1.6515/17 21-DMA, High Jan 10
USD/JPY pushes above the 5 & 21-DMAs at Y102.18/45, helped by firm daily studies with bullish eyes now on the Kijun line of Y102.86 and Fibonacci retracement levels from Y103.10. Those MAs now turn initial support along with the Tenkan line at Y101.76 and cloud base at Y101.53
R 4: Y104.10 Ichimoku cloud top
R 3: Y103.40/65 55-DMA, 61.8% level
R 2: Y103.10 50% of 2014 decline
R 1: Y102.86 Daily Kijun
Latest price: Y102.58
S 1: Y101.53 Cloud base, Reversal high Jul 8 & 50.0% Y97.62-105.44
S 2: Y101.45 100-DMA
S 3: Y100.61/75 High Sept 11 & 61.8% Y97.62-105.44, Early Feb lows
S 4: Y100.21 200-day moving average
EUR/JPY rallies over the 21-DMA and Kijun line, which turn initial support at Y139.52/59 and have bulls focused on the Fibonacci level at Y140.99. Daily studies continue to support gains but the weekly and monthly studies continue to urge some caution.
R 4: Y142.81 Ichimoku Cloud top
R 3: Y141.96/142.04 Lows Jan 3, 9
R 2: Y141.22 55-DMA
R 1: Y140.85/99 1% Upper Band, 61.8% of Y169.96-94
Latest price: Y140.67
S 1: Y139.52/59 21-DMA, Kijun line of Ichimoku cloud
S 2: Y138.40/44/46 Tenkan line, Ichimoku cloud, 50.0% Y131.22-145.69
S 3: Y138.11/20 High Feb 3, 100-DMA
S 4: Y136.28/80 Low 5 Feb, 55-DMA
