Fresh 2015 and 9 year lows continue to result in bounces but the bounces remain capped ahead of the $1.1870-98 resistance region. 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. O/S daily studies remain the key concern for bears but while $1.1870-98 caps bears remain focused on the 2005 low.
RES 4: $1.1976 High Jan 5
RES 3: $1.1898 Hourly resistance Jan 7
RES 2: $1.1870 High Jan 12
RES 1: $1.1793 Hourly resistance Jan 15
LPRICE: $1.1763
SUP 1: $1.1727 2015 Low Jan 14
SUP 2: $1.1666 Monthly Low Dec 2 2005
SUP 3: $1.1660 Bollinger band base
SUP 4: $1.1640 2005 Low Nov 15 2005
Bulls took comfort in the close above $1.5203 before the GBP/USD stalled ahead of $1.5274-1.5335 where the 38.2% Fibo is located. Initial support is now noted at $1.5199 with bears needing a close below to regain the upper hand and below $1.5142 to confirm focus on 2015 lows. While $1.5199 supports bulls look for a break of the $1.5335 level to shift focus to the $1.5486-1.5622 region. Correcting O/S studies are supportive of the bullish case.
RES 4: $1.5391 21-DMA
RES 3: $1.5335 Hourly resistance Jan 5
RES 2: $1.5322 38.2% Fibonacci retracement 1.5788-1.5034
RES 1: $1.5274 High Jan 6
LPRICE: $1.5224
SUP 1: $1.5199 Hourly support Jan 14
SUP 2: $1.5142 Low Jan 14
SUP 3: $1.5077 Low Jan 13
SUP 4: $1.5023 Low July 15 2013
The sell-off Wednesday managed a dip below the Ichimoku cloud base Bollinger band base (¥117.39) before bouncing aggressively back towards initial resistance. The close below the 55-DMA was the first since July and adds weight to the bearish case initially targeting the ¥115.44-57 region. Bulls now need a close above the 55-DMA to confirm an easing of bearish pressure and above ¥118.85 to shift immediate focus to the ¥119.96-121.00 region. The Bollinger band base 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: ¥118.09 Hourly resistance Jan 14
LPRICE: ¥117.85
SUP 1: ¥115 57 Monthly Low Dec 16
SUP 2: ¥115 44 Low Nov 17
SUP 3: ¥115 57 Monthly Low Dec 16
SUP 4: ¥115 44 Low Nov 17
The continuation lower today sees the EUR/JPY 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 (¥137.34) 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 ¥138.93 to ease bearish pressure and shift focus back to the ¥140.27-141.76 region where the 100 & 200-DMAs are located.
RES 4: ¥140.88 High Jan 12
RES 3: ¥140.27 200-DMA
RES 2: ¥139.35 Hourly support Jan 13 now resistance
RES 1: ¥138.93 Hourly resistance Jan 14
LPRICE: ¥138.63
SUP 1: ¥138.06 Hourly support Jan 14
SUP 2: ¥137.00 Low Jan 14
SUP 3: ¥136.49 Low Oct 24
SUP 4: ¥136.27 100-WMA
Failure ahead of the 55-DMA in early Jan has resulted in fresh 6+ year lows for the EUR/GBP with bears now focused on the falling daily channel bases in the £0.7632-55 region. The Bollinger band base (£0.7737) remains the key concern for bears and may limit follow through. Bulls now need a close above £0.7784 to ease bearish pressure and shift focus back to layers of resistance in the £0.7832-0.7887 region.
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: £0.7724
SUP 1: £0.7695 Monthly Low Oct 20 2008
SUP 2: £0.7654 Falling daily channel base (Dec-Jan)
SUP 3: £0.7632 Long term weekly channel base (Jul 2013-Jan)
SUP 4: £0.7597 Monthly Low Mar 10 2008