The break below $1.2499 opened the flood gates on Friday and has resulted in a move that has so far found support marginally above the 2014 low. Initial resistance is noted in the $1.2444-99 region with bulls needing a close above $1.2499 to confirm an easing of bearish pressure and above $1.2599 to target the $1.2771-1.2885 region. While $1.2499 caps bears now target the $1.2042-1.2241 region
RES 4: $1.2599 High Nov 19
RES 3: $1.2549 Falling daily trend line Oct high
RES 2: $1.2499 Low Nov 20 now resistance
RES 1: $1.2444 High Nov 24
LPRICE: $1.2426
SUP 1: $1.2357 2014 Low Nov 7
SUP 2: $1.2329 Bollinger band base
SUP 3: $1.2241 Low Aug 10 2012
SUP 4: $1.2133 Low Aug 2 2012
Layers of resistance remain with bulls needing a close above $1.5789 to confirm an easing of bearish pressure and above $1.5945 to confirm breaks of the 21-DMA and the falling daily trend line, shifting focus back to the $1.6185-1.6228 region although the 55-DMA is likely to be an issue. The key concern for bears comes from O/S daily studies but while $1.5789 caps focus remains on fresh 2014 lows and the $1.5425-
62 region last seen in Sept/Oct 201
RES 4: $1.5881 Previous hourly support now resistance
RES 3: $1.5843 Hourly resistance Nov 12
RES 2: $1.5789 Hourly resistance Nov 12
RES 1: $1.5736 High Nov 17
LPRICE: $1.5686
SUP 1: $1.5625 Low Nov 21
SUP 2: $1.5586 2014 Low Nov 19
SUP 3: $1.5563 Low Sept 6 2013
SUP 4: $1.5462 Low Aug 30 201
The significance of the ¥117.35 level was confirmed with Friday’s sell-off from the recent 2014 and 7 year high having found support at this level. Bears continue to look for a close below ¥117.35 to ease bullish pressure and below ¥116.33 to shift focus back to the ¥115.31 support. The recent hesitation ahead of the 2014 and 7 year highs is a concern for bulls especially when combined with the O/B daily studies looking to correct. But, while ¥117.35 supports bulls initially remain focused on the ¥118.98-119.82 region
RES 4: ¥122.60 High July 13 2007
RES 3: ¥119.82 Monthly High Aug 8 2007
RES 2: ¥118.98 2014 High Nov 20
RES 1: ¥118.57 Hourly resistance Nov 25
LPRICE: ¥117.88
SUP 1: ¥117.35 Low Nov 21
SUP 2: ¥117.05 Previous double daily top now support
SUP 3: ¥116.80 Low Nov 19
SUP 4: ¥116.33 Low Nov 18
The sharp correction lower Friday following Thursday’s fresh 2014 and 6 year highs when combined with correcting O/B daily studies is hinting at a move back to the Y144.77 support. Bears need a close below this level to add weight to the bearish case and then target the Y142.09-143.35 region. Friday’s sell-off has seen layers of resistance accumulate with bulls now needing a close above Y147.37 to ease the current bearish pressure and to shift focus back to 2014 highs
RES 4: ¥149.13 High Nov 20
RES 3: ¥148.43 Hourly resistance Nov 21
RES 2: ¥148.04 Hourly resistance Nov 21
RES 1: ¥147.37 Alternating hourly support/resistance
LPRICE: ¥146.48
SUP 1: ¥145.58 Low Nov 24
SUP 2: ¥144.77 Low Nov 18
SUP 3: ¥143.34 Low Nov 12
SUP 4: ¥143.11 Hourly support Nov 14
Hesitation ahead of the £0.8038-67 resistance region resulted in a sharp sell-off Friday that has seen immediate focus shift to the 21 & 55-DMAs that are currently supporting. Bears need a close below to add weight to the bearish case targeting £0.7764-66. Bulls look for a close above £0.7941 to ease bearish pressure and above £0.7971 to shift focus back to the £0.8038-67 region.
RES 4: £0.8038 High Nov 19
RES 3: £0.8004 High Nov 21
RES 2: £0.7971 Low Nov 20 now resistance
RES 1: £0.7941 Hourly resistance Nov 21
LPRICE: £0.7919
SUP 1: £0.7891 55-DMA
SUP 2: £0.7864 High Nov 5, now support
SUP 3: £0.7798 Low Nov 6
SUP 4: £0.7766 2014 Low Sept 30