Recent failures at the falling daily trend line have resulted in fresh 2014 and 2 year lows with the immediate pressure on $1.2301. Layers of resistance continue to accumulate with bears needing a close above $1.2391 to confirm an easing of bearish pressure and above $1.2507 to hint at a shift higher in focus initially targeting the key $1.2599 level. While $1.2391 caps bears now target the $1.2042-1.2241 region last seen in July/Aug 2012.
RES 4: $1.2455 Alternating hourly support/resistance
RES 3: $1.2419 Low Dec 1 now resistance
RES 2: $1.2392 High Dec 3
RES 1: $1.2347 Hourly resistance Dec 3
LPRICE: $1.2305
SUP 1: $1.2301 2014 Low Dec 3
SUP 2: $1.2250 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 with immediate focus on the recent 2014 low with a break below $1.5584 confirming initial focus on a move that targets the $1.5425-62 region. Layers of resistance remain in the $1.5723-1.5825 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 and may limit follow through on a break lower
RES 4: $1.5945 High Nov 11
RES 3: $1.5825 High Nov 27, Falling daily trend line
RES 2: $1.5763 High Dec 1
RES 1: $1.5723 21-DMA
LPRICE: $1.5675
SUP 1: $1.5655 Hourly support Dec 3
SUP 2: $1.5584 2014 Low Dec 1
SUP 3: $1.5563 Low Sept 6 2013
SUP 4: $1.5462 Low Aug 30 2013
Continued fresh 2014 and 7 year highs see the USD/JPY pressuring the psychological ¥120.00 resistance level. Bulls continue to favour a break higher that sees them targeting the ¥124.16 2007 high. Layers of support continue to accumulate with bears now needing a close below ¥119.04 to ease bullish pressure. The ¥117.23 low from last week remains key support with bears needing a close below to confirm a break of the 21-DMA and shift immediate focus to the ¥115.45 Nov 17 low
RES 4: ¥124.16 2007 June 2007
RES 3: ¥121.60 Rising daily channel top
RES 2: ¥120.40 Bollinger band top
RES 1: ¥120.00 Psychological resistance
LPRICE: ¥119.90
SUP 1: ¥119.74 Hourly support Dec 4
SUP 2: ¥119.47 Hourly resistance Dec 3 now support
SUP 3: ¥119.04 Hourly support Dec 2
SUP 4: ¥118.53 Alternating hourly support/resistance
EUR/JPY traded marginally below the previous ¥147.09 support with the bounce from Dec 3 lows seeing bears now looking for a close below ¥147.03 to confirm an easing of bullish pressure. Hesitation around ¥148.19 could be an issue for bulls with a close above this level needed to reconfirm bullish pressure and focus on the ¥149.13-150.00 region. Overall the ¥146.29 support is seen as key with bears needing a close
below to initially target the ¥144.79 Nov 18 low
RES 4: ¥149.74 Bollinger band top
RES 3: ¥149.13 2014 High Nov 20
RES 2: ¥148.46 High Nov 21
RES 1: ¥148.19 High Dec 3
LPRICE: ¥147.55
SUP 1: ¥147.03 Low Dec 1
SUP 2: ¥146.29 Low Nov 25
SUP 3: ¥145.58 Low Nov 24
SUP 4: ¥144.79 Low Nov 18
The move lower from the failure at £0.7976 continued Wednesday with the close below previous layers of support including key DMAs confirming bearish focus on retests of the £p0.7764-66 region representing 2012 and 2014 lows. Bulls now need a close above £0.7889 to ease bearish pressure and above £0.7920 to confirm breaks of key DMAs and hint at a move back to the £0.7976 Nov monthly high
RES 4: £0.7946 Alternating hourly support/resistance
RES 3: £0.7920 High Dec 3
RES 2: £0.7889 Hourly resistance Dec 3
RES 1: £0.7852 Hourly resistance Dec 3
LPRICE: £0.7848
SUP 1: £0.7832 Low Dec 3
SUP 2: £0.7798 Low Nov 6
SUP 3: £0.7766 2014 Low Sept 30
SUP 4: £0.7764 2012 Low July 23 2012