Bollinger bands have been narrowing which often hints at a break out with the bearish move currently favoured. Fresh 2014 lows shift immediate focus to the $1.2241-56 region and overall focus back to the $1.2042 2012 low. Bulls need a close above $1.2419 to ease bearish pressure and above $1.2532 to confirm a break of the trend line with above $1.2599 targeting $1.2771-1.2885.
RES 4: $1.2506 High Dec 1
RES 3: $1.2478 Falling daily trend line
RES 2: $1.2455 Alternating hourly support/resistance
RES 1: $1.2419 Low Dec 1 now resistance
LPRICE: $1.2372
SUP 1: $1.2357 2014 Low Nov 7
SUP 2: $1.2256 Trend line projection
SUP 3: $1.2241 Low Aug 10 2012
SUP 4: $1.2133 Low Aug 2 2012
Bounces continue to stall around the 21-DMA ($1.5739) with immediate focus having returned to the recent 2014 low as a result. A break below $1.5584 confirms initial focus on a move that targets the $1.5425-62 region. Layers of resistance remain in the $1.5695-1.5825 region with bulls needing a close above to confirm an easing of bearish pressure and shift immediate focus to the $1.5947-1.6040 region. The
Bollinger band base remains the key concern for bears.
RES 4: $1.5945 High Nov 11
RES 3: $1.5825 High Nov 27, Falling daily trend line
RES 2: $1.5763 Falling Daily trend line, Hourly resistance
RES 1: $1.5695 Alternating hourly support/resistance
LPRICE: $1.5641
SUP 1: $1.5584 2014 Low Dec 1
SUP 2: $1.5563 Low Sept 6 2013
SUP 3: $1.5544 Bollinger band base
SUP 4: $1.5462 Low Aug 30 2013
Continued fresh 2014 and 7 year highs confirm the bullish pressure that now sees immediate focus on the ¥119.82-121.45 region where the Bollinger band top and rising November daily channel top are located. Bears now need to see a close below ¥118.53 to confirm an easing of bullish pressure with a close below the key ¥117.23 low from last week needed to hint at a deeper correction that initially targets the ¥114.64-115.31 region. Overall while ¥117.23 supports bulls are looking for a move that targets ¥124.16 representing the 2007 high
RES 4: ¥121.45 Rising daily channel top
RES 3: ¥120.01 Bollinger band top
RES 2: ¥119.82 Monthly High Aug 8 2007
RES 1: ¥119.43 2014 High Dec 3
LPRICE: ¥119.16
SUP 1: ¥119.04 Hourly support Dec 2
SUP 2: ¥118.53 Alternating hourly support/resistance
SUP 3: ¥118.22 Hourly support Dec 2
SUP 4: ¥117.87 Low Dec
The price action ahead of the ¥148.46-149.13 region is a little concerning for bulls with the lack of follow though the major issue. In saying that, bears need to see a close below ¥147.09 to confirm an easing of bullish pressure and below ¥145.58 to confirm a break of the 21-DMA (¥145.84) and hint at a deeper correction initially targeting the ¥143.35 level. Bulls now need a close above ¥148.46 to reconfirm
immediate bullish focus on the ¥150.00 level.
RES 4: ¥150.00 Psychological Resistance
RES 3: ¥149.72 Bollinger band top
RES 2: ¥149.13 2014 High Nov 20
RES 1: ¥148.46 High Nov 21
LPRICE: ¥147.44
SUP 1: ¥147.09 Low Dec 1
SUP 2: ¥146.29 Low Nov 25
SUP 3: ¥145.58 Low Nov 24
SUP 4: ¥144.77 Low Nov 18
Daily Market Technicals
Recent failures at the falling daily trend line have resulted in pressure returning to 2014 lows.