Tuesday’s break higher ease bearish pressure and sees immediate focus today on the key $1.1531-41 region. Bulls need a close above $1.1541 to confirm a break above the 21-DMA, shifting initial focus to the $1.1680-1.1727 region. A close above the 21-DMA was last seen in mid Dec. Bears now look for a close below $1.1368 to reconfirm the bearish bias and below $1.1260 to reconfirm initial focus on 2015 lows.
RES 4: $1.1727 Low Jan 14
RES 3: $1.1680 High Jan 21
RES 2: $1.1541 Low Jan 21 now resistance
RES 1: $1.1531 21-DMA
LPRICE: $1.1476
SUP 1: $1.1454 Hourly support Feb 4
SUP 2: $1.1368 High Jan 29 now support
SUP 3: $1.1260 Low Jan 28
SUP 4: $1.1224 Low Jan 27
Bulls took comfort in the close above both the 21-DMA ($1.5124) and falling daily trend line Tuesday with the $1.5223-1.5276 region above remaining key. Bulls now need a close above $1.5276 to confirm a break of the falling daily trend line off Dec highs and to shift immediate focus to the longer term falling daily trend line and 55-DMA in the $1.5381-1.5486 region. Bears now need a close below $1.5082 to reconfirm a bearish bias targeting 2013 lows overall
RES 4: $1.5333 High Jan 5
RES 3: $1.5276 High Jan 14
RES 2: $1.5242 Falling daily trend line
RES 1: $1.5223 High Jan 27
LPRICE: $1.5173
SUP 1: $1.5139 Hourly support Feb 4
SUP 2: $1.5082 Hourly support Feb 3
SUP 3: $1.4989 Low Jan 30
SUP 4: $1.4951 2015 Low Jan 23
With the 21-DMA having guided USD/JPY lower for the past couple of weeks bears favour a break lower that initially targets the ¥115.44-85 region. The 21-DMA remains initial resistance but the ¥118.86 level remains key with bulls needing a close above to confirm a break of the 55-DMA, ending bearish hopes and shifting immediate focus to the ¥120.00-85 region. The Bollinger band base is expected to come into play on a break lower with bears needing a close below ¥116.66 to add weight to their case.
RES 4: ¥119.32 High Jan 12
RES 3: ¥118.86 High Jan 13 & 20
RES 2: ¥118.71 55-DMA
RES 1: ¥117.94 21-DMA
LPRICE: ¥117.63
SUP 1: ¥116.66 Low Feb 2
SUP 2: ¥116.42 Bollinger band base
SUP 3: ¥115 85 2015 Low Jan 16
SUP 4: ¥115 57 Monthly Low Dec 16
After recently finding support around the ¥132.22 level Tuesday’s close above ¥134.39 eased bearish pressure and sees focus turn to the key ¥135.79-136.01 region where the 21-DMA is located. Bulls need a close above the 21-DMA to end bearish hopes and hint at a bigger bounce that target the ¥138.94-141.76 region where 100 & 200-DMAs are located. Bears now need a close below ¥134.36 to ease the renewed bullish pressure and reconfirm the bearish bias with below ¥132.22 targeting ¥129.97
RES 4: ¥138.94 High Jan 14
RES 3: ¥137.65 High Jan 20, 38.2% Fibo 149.80-130.02
RES 2: ¥136.01 21-DMA
RES 1: ¥135.79 Low Jan 21 now resistance
LPRICE: ¥135.02
SUP 1: ¥134.36 Hourly support Feb 3
SUP 2: ¥133.75 Hourly resistance Jan 30 now support
SUP 3: ¥132.22 Low Feb 2
SUP 4: ¥131.96 Hourly support Jan 30
The recovery from 2015 lows has been steady with the EUR/GBP working its way back towards the key £0.7595 level. Bulls continue to look for a close above £0.7595 to confirm an easing of bearish pressure and above the 21-DMA to shift immediate focus to the £0.7715-57 region. Bears now need a close back below £0.7520 to reconfirm the bearish bias and shift immediate focus back to the 2015 low
RES 4: £0.7757 Low Jan 13 now resistance
RES 3: £0.7715 High Jan 21
RES 2: £0.7624 21-DMA
RES 1: £0.7595 Low Jan 16 now resistance
LPRICE: £0.7562
SUP 1: £0.7520 Hourly support Feb 2
SUP 2: £0.7476 Low Feb 2
SUP 3: £0.7442 Low Jan 29
SUP 4: £0.7405 2015 Low Jan 26