After having found support on dips below the 21-DMA the past two days Wednesday’s rally sees immediate focus on layers of resistance $1.3669-1.3733. This includes key moving averages, Bollinger band top and Ichimoku cloud base with a close above the 100-DMA needed to end bearish hopes and shift immediate focus to the $1.3775 level. Bears need to see a close below the 21-DMA to ease bullish pressure and below $1.3564 to target $1.3503-12.
RES 4: $1.3714 Ichimoku cloud base
RES 3: $1.3700 High July 1
RES 2: $1.3677 55-DMA, 200-DMA
RES 1: $1.3669 Hourly resistance July 2
LPRICE: $1.3644
SUP 1: $1.3637 Hourly support July 10
SUP 2: $1.3611 21-DMA
SUP 3: $1.3576 Low June 26
SUP 4: $1.3564 Low June 20
The continued hesitation ahead of the $1.7180-98 region is of some concern to bulls when combined with the very O/B daily studies overdue a correction. The proximity of the Bollinger band top is also likely to limit topside follow through. In saying that, the $1.7063-85 region remains key support with bears needing a close below $1.7063 to confirm a break of the 21-DMA, easing bullish pressure and seeing immediate focus shift to the $1.6914-55 region.
RES 4: $1.7516 High Oct 20 2008
RES 3: $1.7218 Bollinger band top
RES 2: $1.7198 High Oct 21 2008
RES 1: $1.7180 2014 High July 4
LPRICE: $1.7153
SUP 1: $1.7085 Low July 8
SUP 2: $1.7063 Previous 2014 high now support, 21-DMA
SUP 3: $1.7007 Low June 27
SUP 4: $1.6948 Low June 25
Wednesday’s rally stalled around the 21 & 200-DMA’s with the relatively bearish close seeing immediate focus on the Y101.23-41 region and overall focus remaining on Y100.75-82. Bears need to see a close above Y101.95 to ease bearish pressure and above Y102.35 is needed to end bearish hopes and shift immediate focus to Y102.79-103.02. A triangle base is developing on the dailies with a close below Y101.23 confirming a break.
RES 4: Y102.35 High June 18
RES 3: Y101.95 Alternating support/resistance level, 55-DMA
RES 2: Y101.86 High July 9
RES 1: Y101.66 Hourly resistance June 10
LPRICE: Y101.50
SUP 1: Y101.41 Low July 2
SUP 2: Y101.23 Monthly Low June 30
SUP 3: Y100.82 Monthly Low May 21
SUP 4: Y100.75 2014 Low Feb 4
The short term rising daily channel base provided support with the EUR/JPY bouncing towards layers of resistance that remain Y138.86-139.53 including key moving averages, Fibonacci resistance and the Ichimoku cloud base. As a result, bulls need a close above Y139.53 to hint at a bigger bounce that targets the Y140.27-99 region. Initial resistance remains Y138.86 with bulls needing a close above to shift current focus from the Y137.72 support.
RES 4: Y104.09 High June 9
RES 3: Y139.53 38.2% Fibonacci 142.47-137.70
RES 2: Y139.31 High June 10, 200-DMA
RES 1: Y138.86 Low July 3 now resistance
LPRICE: Y138.51
SUP 1: Y138.11 Low July 8
SUP 2: Y137.91 Low June 26
SUP 3: Y137.72 Monthly Low June 16
SUP 4: Y137.10 55-WMA
The bounce from the 2014 lows is providing bulls with a glimmer of hope with a close above Gbp0.7998 needed to confirm a break of the 21-DMA and see immediate focus shift to the key Gbp0.8033 resistance level. Layers of support have developed on the hourlies in the Gbp0.7926-49 region with bears now needing a close below Gbp0.7938 to ease the renewed bullish pressure and confirm overall focus on fresh 2014 lows
RES 4: Gbp0.8040 Falling daily trend line
RES 3: Gbp0.8033 High June 25
RES 2: Gbp0.7998 Low July 1 now resistance
RES 1: Gbp0.7980 Hourly resistance July 2
LPRICE: Gbp0.7950
SUP 1: Gbp0.7949 Hourly support July 10
SUP 2: Gbp0.7938 Hourly support July 9
SUP 3: Gbp0.7926 Low July 8
SUP 4: Gbp0.7915 2014 Low July 7 2014
