Bearish dominance was again confirmed on Friday with the move to fresh 2014 and 2 year lows falling just short of the $1.2465 support. Layers of resistance continue to accumulate with bulls now needing a close above $1.2613 to ease bearish pressure a little whereas a close above $1.2816 is now needed to confirm a break of the 21-DMA and shift overall focus higher. For now overall focus sees bears targeting the 2012 low.
RES 4: $1.2816 Low Sept 22 now resistance
RES 3: $1.2764 Hourly resistance Sept 25
RES 2: $1.2717 High Sept 29
RES 1: $1.2613 Alternating hourly support/resistance
LPRICE: $1.2518
SUP 1: $1.2501 2014 Low Oct 3
SUP 2: $1.2465 Low Aug 28 2012
SUP 3: $1.2241 Low Aug 10 2012
SUP 4: $1.2042 2012 Low July 24 2012
After having previously supported, $1.6162 capped Friday before fresh 2014 and 2 year lows continued. The pair has remained heavy to start the new week with bears now initially focused on the $1.5776-1.5854 region. Layers of resistance continue to accumulate but bulls now need to see a close above $1.6063 to ease bearish pressure. Key for bears is the close below the 200-WMA last week, the first since Sept 2013 and seen adding weight to the bearish case
RES 4: $1.6229 21-DMA
RES 3: $1.6162 Low Sept 16 now resistance
RES 2: $1.6063 Previous hourly support now resistance
RES 1: $1.5990 Hourly resistance Oct 6
LPRICE: $1.5981
SUP 1: $1.5950 Hourly support Oct 6
SUP 2: $1.5854 Monthly Low Nov 12 2012
SUP 3: $1.5776 Low Sept 13 2012
SUP 4: $1.5686 Low Sept 10 2012
The 21-DMA confirmed significance as support Friday with USD/JPY bouncing sharply from two days of losses to reconfirm bullish pressure. Bears now look for a close below last week’s Y108.00 low to confirm a break of the 21-DMA and hint at a deeper correction that initially targets the Y104.68-105.05 region where the 55-DMA is located. While the Y108.00-32 region supports bulls initially target Y110.68 and then the Y114.65 Dec 2007 monthly high above.
RES 4: Y114.65 Monthly High Dec 2007
RES 3: Y112.01 2008 High Jan 2 2008
RES 2: Y110.68 Monthly High Aug 15 2008
RES 1: Y110.09 2014 High Oct 1
LPRICE: Y109.54
SUP 1: Y109.50 Alternating hourly support/resistance
SUP 2: Y108.32 21-DMA
SUP 3: Y108.00 Low Oct 2
SUP 4: Y107.41 Previous daily resistance now support
The correction lower from the Sept monthly high continues with the close below the 100-DMA Wednesday seeing immediate focus return to the 2014 low. Initial resistance is now noted at the Y137.94 level with bulls needing a close above to provide some breathing space. Overall a close above the 100-DMA is now needed to confirm an easing of bearish pressure while a close above the 21-DMA is needed to hint at a shift higher in focus
RES 4: Y138.80 High Oct 1
RES 3: Y138.58 21-DMA
RES 2: Y138.07 100-DMA
RES 1: Y137.94 Low Sept 30 now resistance
LPRICE: Y137.11
SUP 1: Y136.86 Low Oct 3
SUP 2: Y136.55 Bollinger band base
SUP 3: Y135.73 2014 Low Aug 8
SUP 4: Y134.10 Low Nov 20 2013
Recent attempts to take out the 2012 low have been well and truly rebuffed with the sharp bounce Thursday easing bearish pressure and shifting immediate focus to the Gbp0.7883-97 region where the 21-DMA is located. Bears now need a close below Gbp0.7820 to ease the renewed bullish pressure and below Gbp0.7802 to reconfirm focus on the 2012 low. Bulls look for a close above Gbp0.7897 to target Sept monthly highs.
RES 4: Gbp0.7969 100-DMA
RES 3: Gbp0.7928 55-DMA
RES 2: Gbp0.7897 Hourly resistance Sept 18
RES 1: Gbp0.7883 21-DMA
LPRICE: Gbp0.7830
SUP 1: Gbp0.7820 Low Oct 3
SUP 2: Gbp0.7802 Alternating hourly support/resistance
SUP 3: Gbp0.7766 2014 Low Sept 30
SUP 4: Gbp0.7764 2012 Low July 23 2012
