Last week’s failure at the falling daily channel top has resulted in sharp moves lower that see immediate bearish focus having shifted to the $1.1015 support and overall focus to the $1.0504 Mar 2003 monthly low. Layers of resistance continue to accumulate with bulls now needing a close above $1.1392 to confirm an easing of bearish pressure and to shift focus back to the $1.1540-1.1680 region where the falling daily channel top is located.
RES 4: $1.1571 Falling daily channel top
RES 3: $1.1540 Low Jan 21 now resistance
RES 2: $1.1392 Hourly resistance Jan 22
RES 1: $1.1315 Hourly support Jan 23 now resistance
LPRICE: $1.1191
SUP 1: $1.1097 Hourly support Jan 26
SUP 2: $1.1015 High Sept 1 2003 now support
SUP 3: $1.0765 Monthly Low Sept 3 2003
SUP 4: $1.0504 Monthly Low Mar 21 2003
The sharp correction lower from marginal fresh highs for last week confirmed bearish focus on the 2013 low. Layers of resistance have accumulated with bulls needing a close above $1.5057 to ease bearish pressure. The $1.5213-1.5333 resistance region remains key overall with a close above to shift focus higher. A break of the 2013 low would see immediate focus shift to levels last seen in 2010. The Bollinger band base is seen as the key concern for bears on a break lower.
RES 4: $1.5221 21-DMA
RES 3: $1.5212 High Jan 22
RES 2: $1.5057 Low Jan 20 now resistance
RES 1: $1.5036 High Jan 23
LPRICE: $1.5006
SUP 1: $1.4951 2015 Low Jan 23
SUP 2: $1.4861 Bollinger band base, Trend line projection
SUP 3: $1.4818 2013 Low July 9 2013
SUP 4: $1.4648 2010 Low June 17 2010
The ¥118.86 level continues to cap and confirm its significance as resistance. Bulls need a close above this level to confirm breaks of the 21-DMA (¥118.60) and 55-DMA (¥118.54), shifting immediate focus to the ¥119.90-98 region. While ¥118.86 caps bears retain the upper hand but need a close below ¥117.18 to confirm bearish focus on the ¥115.44-85 region. The Bollinger band base is expected to limit follow through on a break lower and will become the key concern for bears.
RES 4: ¥119.98 Jan 8
RES 3: ¥119.32 High Jan 12
RES 2: ¥118.86 High Jan 13 & 20
RES 1: ¥118.60 21-DMA
LPRICE: ¥117.73
SUP 1: ¥117.18 Low Jan 21
SUP 2: ¥116.64 Bollinger band base
SUP 3: ¥115 85 2015 Low Jan 16
SUP 4: ¥115 57 Monthly Low Dec 16
The dramatic sell-off that began back in December resulted in a dip that fell just short of the ¥130.00 level in Asia today. Despite very O/S daily studies and daily and weekly Bollinger band bases limiting follow through, bearish focus now shifts to the ¥128.02-129.97 region last seen in Aug/Sept 2013. below Layers of resistance accumulate with bulls needing a close above ¥133.00 to ease bearish pressure and above ¥134.26 to shift focus to the key ¥137.67-141.76 region where key DMAs are located.
RES 4: ¥135.79 Low Jan 21 now resistance
RES 3: ¥135.06 Hourly resistance Jan 23
RES 2: ¥134.26 Hourly resistance Jan 23
RES 1: ¥133.00 Hourly resistance Jan 23
LPRICE: ¥131.80
SUP 1: ¥130.74 Bollinger band base
SUP 2: ¥130.46 Weekly Bollinger band base
SUP 3: ¥129.97 Monthly Low Sept 6 2013
SUP 4: ¥129.38 Low Aug 30 2013
As the EUR/GBP remains heavy it has again broken to fresh almost 7 year lows with overall bearish focus on the £0.7114-0.7239 region last seen in Dec 2007. Bulls now need a close above £0.7517 to ease bearish pressure and above £0.7595 to hint at a shift in focus back to the key £0.7715-46 region where the 21-DMA is located. The Bollinger band base and O/S daily studies remain key concerns for bears but don’t appear to be limiting follow though as yet
RES 4: £0.7715 High Jan 21
RES 3: £0.7677 High Jan 22
RES 2: £0.7595 Low Jan 16 now resistance
RES 1: £0.7517 Hourly resistance Jan 23
LPRICE: £0.7456
SUP 1: £0.7405 2015 Low Jan 26
SUP 2: £0.7392 Monthly Low Jan 25 2008
SUP 3: £0.7239 High Dec 12 2007 now resistance
SUP 4: £0.7114 Low Dec 17 2007