Focus on the 2012 low has seen the pair come within a few pips of this level in Asian trading today with the Bollinger band base likely to initially limit follow through on a break lower. In saying that, bears will shift focus to tests of the 2010 low on a break below the $1.2042 level. Layers of resistance continue to accumulate with bulls now needing a close above $1.2187 to ease bearish pressure and above $1.2302 to shift focus back to the $1.2435-1.2599 region.
RES 4: $1.2226 Hourly resistance Dec 26
RES 3: $1.2187 High Dec 30
RES 2: $1.2143 Hourly support now resistance
RES 1: $1.2110 Hourly resistance Jan 2
LPRICE: $1.2051
SUP 1: $1.2042 2012 Low July 24 2012
SUP 2: $1.2014 Falling short term channel base
SUP 3: $1.2011 Bollinger band base
SUP 4: $1.1958 Low June 10 2010
The 21-DMA confirmed its significance having capped the recent recovery from ahead of 2014 lows. The $1.5621-84 resistance region remains key with bulls needing a close above to end bearish hopes and shift initial focus back to the $1.5757-1.5828 region. While $1.5621-84 caps, bears remain firmly focused on the
2014 lows and the $1.5425-62 region below. The Bollinger band base comes in around $1.5474 and remains the key concern for bears.
RES 4: $1.5684 High Dec 19
RES 3: $1.5652 Falling daily channel top
RES 2: $1.5621 21-DMA
RES 1: $1.5587 Hourly resistance Jan 2
LPRICE: $1.5543
SUP 1: $1.5486 2014 Low Dec 23
SUP 2: $1.5462 Low Aug 30 2013
SUP 3: $1.5425 Low Aug 28 2013
SUP 4: $1.5204 Low Aug 7 2013
Recent tests of the 21-DMA (¥119.54) failed to produce a close below with the bounce back above the ¥119.94 level having ended bearish hopes and shifted immediate focus back to the key ¥120.82-00 region. Bulls look for a close above this region to reconfirm a bullish bias with immediate focus shifting back to 2014 highs and overall focus to the ¥124.16 2007 high. Bears now need a close below ¥118.26 to confirm a break of the channel base and hint at a deeper correction.
RES 4: ¥121.92 Bollinger band top
RES 3: ¥121.85 2014 High Dec 8
RES 2: ¥121.00 High Dec 9
RES 1: ¥120.82 High Dec 24
LPRICE: ¥120.43
SUP 1: ¥119.94 High Jan 1 now support
SUP 2: ¥119.24 Low Dec 31
SUP 3: ¥118.85 Low Dec 30
SUP 4: ¥118.26 Low Dec 18
The repeated failures around the 21-DMA resulted in a sell-off that sees EUR/JPY finding support above the 55-DMA for the time being. Bulls now need a close above ¥145.60 to ease bearish pressure and shift focus back to the ¥146.57-147.25 region where the 21-DMA and falling daily channel top are located. Bears look for a close below the 55-DMA to shift focus to the ¥140.35-141.45 region where 100 & 200-DMAs are located although the Bollinger band base is expected to limit follow through.
RES 4: ¥147.25 High Dec 29
RES 3: ¥146.67 21-DMA
RES 2: ¥146.57 Falling daily channel top
RES 1: ¥145.60 High Dec 31
LPRICE: ¥145.14
SUP 1: ¥144.66 Low Jan 1
SUP 2: ¥144.54 55-DMA
SUP 3: ¥144.35 Bollinger band base
SUP 4: ¥142.74 Falling daily channel base
Fresh 2015 and multi-year lows continue for EUR/GBP with focus now having shifted to levels last seen in 2008 and immediate focus on the falling Bollinger band base. O/S daily studies and Bollinger band bases remain the key concerns for bears and are likely to limit follow through. In saying that, layers of resistance have accumulated with bulls needing a close above £0.7796 to ease bearish pressure and shift focus back to the £0.7858-84 region.
RES 4: £0.7858 21-DMA
RES 3: £0.7820 Previous daily support now resistance
RES 2: £0.7796 Hourly resistance Dec 31
RES 1: £0.7773 High Jan 1
LPRICE: £0.7752
SUP 1: £0.7744 Bollinger band base
SUP 2: £0.7695 Monthly Low Oct 20 2008
SUP 3: £0.7597 Monthly Low Mar 10 2008
SUP 4: £0.7519 Low Feb 21 2008