Fresh 2014 and 2 year lows combined with the bearish close Friday see bears firmly focused on the $1.2042-1.2241 region where 2012 lows are located. Layers of resistance continue to accumulate with initial resistance now noted $1.2325-45. In saying that, bulls now need a close above $1.2393 to confirm an easing of bearish pressure and above $1.2456 to confirm breaks of the falling daily trend line and 21-DMA to shift focus to $1.2599 Nov highs.
RES 4: $1.2456 High Dec 4
RES 3: $1.2393 High Dec 5
RES 2: $1.2345 Hourly support Dec 5 now resistance
RES 1: $1.2325 Hourly resistance Dec 5
LPRICE: $1.2292
SUP 1: $1.2271 2014 Low Dec 5
SUP 2: $1.2241 Low Aug 10 2012
SUP 3: $1.2133 Low Aug 2 2012
SUP 4: $1.2042 2012 Low July 24 2012
Continued failures around the 21-DMA have resulted in fresh 2014 and 16 month lows with initial focus currently on the $1.5425-62 region. Layers of resistance have accumulated in the $1.5619-1.5825 region with bulls now needing a close above $1.5619 to ease bearish pressure and above $1.5763 to hint at a bigger bounce that initially targets $1.5828. The key concern for bears comes from the Bollinger band base which may limit follow through.
RES 4: $1.5825 High Nov 27
RES 3: $1.5763 High Dec 1
RES 2: $1.5699 21-DMA
RES 1: $1.5619 Low Dec 4 now resistance
LPRICE: $1.5560
SUP 1: $1.5536 Bollinger band base
SUP 2: $1.5462 Low Aug 30 2013
SUP 3: $1.5425 Low Aug 28 2013
SUP 4: $1.5204 Low Aug 7 2013
The break of the ¥120.00 level last week shifted overall bullish focus to the ¥124.16 2007 high with initial focus remaining on the rising daily channel top around ¥122.27 today. With the rising daily channel base at ¥119.13 bears look for a close below ¥119.04 to ease bullish pressure and shift immediate focus back to the ¥116.34-117.87 region where the 21-DMA is located. The Bollinger band top comes in at ¥121.48 today and combined with O/B daily studies are key concerns for bulls.
RES 4: ¥124.32 Long term rising daily channel top
RES 3: ¥124.16 2007 June 2007
RES 2: ¥122.27 Rising daily channel top
RES 1: ¥121.84 2014 High Dec 8
LPRICE: ¥121.42
SUP 1: ¥121.28 Hourly support Dec 5
SUP 2: ¥120.69 Hourly resistance Dec 5 now support
SUP 3: ¥120.09 Hourly support Dec 5
SUP 4: ¥119.04 Hourly support Dec 2
After setting fresh 2014 and 6 year highs in Asian trading today the pair is pausing ahead of the psychological ¥150.00 resistance level with the Bollinger band top noted just above. Initial support is noted at ¥148.95 but bears need to see a close below ¥148.10 to confirm an easing of bullish pressure with a close below ¥147.03 needed to hint at a deeper correction. While ¥148.10 supports bulls favour a break higher targeting the ¥151.29-153.51 region
RES 4: ¥151.29 High Sept 30 2008
RES 3: ¥150.25 Bollinger band top
RES 2: ¥150.00 Psychological resistance level
RES 1: ¥149.80 2014 High Dec 8
LPRICE: ¥149.27
SUP 1: ¥148.95 High Dec 4 now support
SUP 2: ¥148.10 Hourly support Dec 4
SUP 3: ¥147.03 Low Dec 1
SUP 4: ¥146.29 Low Nov 25
Volatile trading continued for euro-sterling Friday but the EUR/GBP remains capped on bounces at £0.7922. The £0.7922-46 resistance region remains key with bulls needing a close above to end bearish hopes and shift overall focus back to the £0.8036-67 region. While the key resistance region caps bears look for a close
below £0.7832 to reconfirm bearish focus and below £0.7799 to shift immediate focus to £0.7664-66
RES 4: £0.8004 High Nov 21
RES 3: £0.7977 High Dec 1
RES 2: £0.7946 Alternating hourly support/resistance
RES 1: £0.7922 High Dec 4
LPRICE: £0.7896
SUP 1: £0.7851 Low Dec 5
SUP 2: £0.7832 Low Dec 3
SUP 3: £0.7798 Low Nov 6
SUP 4: £0.7766 2014 Low Sept 30