The lack of follow through following marginal fresh 2015 and 9 year lows Tuesday could be a concern for bears when combined with O/S daily studies looking to correct. In saying that, bulls still need to see a close above $1.1898 to confirm an easing of bearish pressure and above $1.1977 to shift immediate focus back to the $1.2107-1.2255 region. Initial resistance is now noted at $1.1800 with bulls needing a close above to provide breathing room.
RES 4: $1.1976 High Jan 5
RES 3: $1.1898 Hourly resistance Jan 7
RES 2: $1.1870 High Jan 12
RES 1: $1.1800 Hourly resistance Jan 13
LPRICE: $1.1788
SUP 1: $1.1753 2015 Low Jan 13
SUP 2: $1.1682 Bollinger band base
SUP 3: $1.1666 Monthly Low Dec 2 2005
SUP 4: $1.1640 2005 Low Nov 15 2005
Lack of follow through on recent pullbacks from $1.5192-1.5203 are concerns for bears when combined with O/S daily studies looking to correct. The $1.5203 resistance remains key today with bulls needing a close above to confirm an easing of bearish pressure and shift immediate focus to the $1.5276-1.5355 region. Overall a close above $1.5355 is needed to hint at a bigger bounce that targets the $1.5486-1.5684 region where the trend line and 55-DMA are located.
RES 4: $1.5405 21-DMA
RES 3: $1.5335 Hourly resistance Jan 5
RES 2: $1.5274 High Jan 6
RES 1: $1.5203 Hourly support Jan 5 now resistance
LPRICE: $1.5159
SUP 1: $1.5142 Hourly support Jan 13
SUP 2: $1.5077 Low Jan 13
SUP 3: $1.5023 Low July 15 2013
SUP 4: $1.4818 2013 Low July 9 2013
Having recently closed below the longer term daily trend line off Oct lows the USD/JPY is now making headway below the 55-DMA and flirting with the Ichimoku cloud base (¥117.09). A close below the 55-DMA would be the first since July and add weight to the bearish case initially targeting the ¥115.44-57 region. Layers of resistance remain with bulls needing a close above Y118.85 to shift focus back to ¥119.96-121.00. The Bollinger band base (¥117.50) remains the key concern for bears.
RES 4: ¥119.96 High Jan 8
RES 3: ¥119.32 High Jan 12
RES 2: ¥118.85 High Jan 13
RES 1: ¥117.96 Hourly resistance Jan 14
LPRICE: ¥116.91
SUP 1: ¥115 57 Monthly Low Dec 16
SUP 2: ¥115 44 Low Nov 17
SUP 3: ¥113.86 Lo Nov 10
SUP 4: ¥113.52 50.0% Fibonacci retracement Y105.19-121.85
The continuation lower today sees the pair having broken below the long term rising trend line off 2012 lows with bears now targeting a retest of the 2014 low. The Bollinger band base (¥137.96) remains the key concern for bears and continues to limit follow through. Layers of resistance continue to accumulate with bears now needing a close above ¥139.35 to ease bearish pressure and shift focus back to the ¥140.88-141.76 region.
RES 4: ¥140.88 High Jan 12
RES 3: ¥140.28 200-DMA
RES 2: ¥139.35 Hourly support Jan 13 now resistance
RES 1: ¥138.93 Hourly resistance Jan 14
LPRICE: ¥137.89
SUP 1: ¥137.04 Low Oct 30
SUP 2: ¥136.49 Low Oct 24
SUP 3: ¥136.27 100-WMA
SUP 4: ¥135.20 Low Oct 23
Initial resistance is now noted at £0.7784 with bulls needing a close above to ease bearish pressure and shift focus back to layers of resistance in the £0.7832-0.7887 region where key DMAs are located. While £0.7784 caps immediate focus remains on the 2015 low with the Bollinger band base seen as the key concern for bears. Fresh 2015 lows see immediate focus shift to the £0.7695 Oct 2008 monthly low
RES 4: £0.7873 55-DMA
RES 3: £0.7856 High Jan 8
RES 2: £0.7832 High Jan 12
RES 1: £0.7784 Previous daily support now resistance
LPRICE: £0.7776
SUP 1: £0.7757 Low Jan 13
SUP 2: £0.7750 Bollinger band base
SUP 3: £0.7745 2015 Low Jan 2
SUP 4: £0.7695 Monthly Low Oct 20 2008