Layers of resistance remain in the $1.2226-1.2302 region with bulls needing a close above $1.2302 to confirm an easing of bearish pressure. Overall a close above $1.2365 is needed to confirm a break of the 21-DMA ($1.2340) and to shift focus to layers of resistance in the $1.2435-1.2599 region. While $1.2302 caps bears remain focused on the 2012 low with the Bollinger band base and O/S studies now concerns.
RES 4: $1.2302 Hourly resistance Dec 19
RES 3: $1.2273 High Dec 22
RES 2: $1.2254 High Dec 25
RES 1: $1.2226 Hourly resistance Dec 26
LPRICE: $1.2213
SUP 1: $1.2184 Hourly support Dec 24
SUP 2: $1.2165 2014 Low Dec 23
SUP 3: $1.2137 Bollinger band base
SUP 4: $1.2133 Low Aug 2 2012
Fresh 2014 lows Tuesday confirmed immediate focus on the $1.5425-62 region with bears looking for a close below to initially target $1.5204. The Bollinger band base ($1.5510) remains the key concern for bears and may limit follow through. Bulls continue to look for a close above $1.5608 to ease bearish pressure and above $1.5697 to confirm breaks of the 21-DMA & channel top, shifting immediate focus to
the $1.5788-1.5825 region where the 55-DMA is located.
RES 4: $1.5697 Falling daily channel top
RES 3: $1.5684 High Dec 19
RES 2: $1.5643 21-DMA
RES 1: $1.5608 High Dec 23
LPRICE: $1.5554
SUP 1: $1.5528 Alternating hourly support/resistance
SUP 2: $1.5486 2014 Low Dec 23
SUP 3: $1.5462 Low Aug 30 2013
SUP 4: $1.5425 Low Aug 28 2013
The recovery from the ¥115.57 level has currently stalled ahead of the ¥121.00 level with initial resistance now noted at ¥120.53. Initial support is now noted in the ¥119.71-91 region with bears needing a close below ¥119.71 to confirm an easing of bullish pressure and below the 21-DMA to shift initial focus to the ¥118.26 support. Bulls need a close above ¥120.53 to reconfirm bullish pressure and above ¥121.00 to
retain focus on the 2014 high and then 2007 high above
RES 4: ¥121.67 Bollinger band top
RES 3: ¥121.00 High Dec 9
RES 2: ¥120.82 High Dec 24
RES 1: ¥120.53 Hourly resistance Dec25
LPRICE: ¥120.23
SUP 1: ¥119.91 Low Dec 25
SUP 2: ¥119.71 Hourly support Dec 22
SUP 3: ¥119.33 21-DMA
SUP 4: ¥118.26 Low Dec 18
With the 21-DMA having capped so far this week euro-yen is currently flirting with rising daily trend line from late Oct which comes in around ¥146.83 today. Bears look for a close below the trend line to ease bullish pressure a little and below ¥145.94 to shift immediate focus back to the ¥144.77-95 region. Bulls need to see a close above the 21-DMA to confirm focus on the ¥148.37-149.80 region with the Bollinger
band top noted at ¥149.09.
RES 4: ¥148.95 High Dec 9
RES 3: ¥148.37 Hourly resistance Dec 9
RES 2: ¥147.27 21-DMA
RES 1: ¥147.15 Hourly support Dec 15 now resistance
LPRICE: ¥146.84
SUP 1: ¥145.94 Low Dec 22
SUP 2: ¥145.58 Low Dec 18
SUP 3: ¥145.43 Bollinger band base
SUP 4: ¥144.95 Low Dec 16
The correction lower from last week’s high has seen immediate focus shift to the £0.7798-0.7806 region and overall focus back to the key £0.7764-66 region where 2012 and 2014 lows are located. Bulls need a close above £0.7885 to confirm an easing of bearish pressure and above £0.7923 to shift overall focus back to the £0.8001-67 region where layers of resistance are located. Bears need a close below £0.7829 to reconfirm bearish focus
RES 4: £0.7974 Bollinger band top
RES 3: £0.7954 High Dec 17
RES 2: £0.7923 High Dec 18
RES 1: £0.7885 Hourly resistance Dec 18
LPRICE: £0.7850
SUP 1: £0.7829 Low Dec 25
SUP 2: £0.7804 Falling daily channel base
SUP 3: £0.7798 Low Nov 6
SUP 4: £0.7766 2014 Low Sept 30