Still needs to clear out 1.4750 resistance to move higher towards the next resistance level at 1.4830 area. The move lower yesterday looked like stop hunting driven and it found very good support around the 2-day low at 1.4610. Have short term rising support at 1.4634 today. Looking at the chart in a longer term view the absolute key rising support is now coming in at 1.4319, which must hold to keep alive the prospects for higher levels.
Support: 1.4634 (risings support), 1.4530, 1.4468 (rising sup), 1.4360, 1.4319 (key swing level)
Resistance: 1.4750, 1.4830, 1.4970 (key level) and 1.5000 (key level)
240 min â€“ Support at 1.4423 and falling resistance at 1.4887. Rising trend support at 1.4634 today.
Bearish short term momentum intact below 1.9500 today, so need to break above this level to open for any strong rally. Have falling resistance coming in at 1.9638 today so basically technically bearish below this level. Key support remains the yearly low at 1.9336 and this level held up yesterday and seen a move higher overnight, which might suggest a possible double bottom could be forming, but need to get above 1.9500 to confirm that. Watch out for the UK Retail Sales data at 09:30 GMT today.
Support: 1.9360, 1.9337 (key Jan low), 1.9310
Resistance: 1.9500, 1.9550, 1.9639 (falling res), 1.9760, 1.9870 (overhead res) 1.9960, 2.0000, 2.0170 (Key level)
120 min â€“ Falling resistance now at 1.9639 today.
Technically bullish potential as long as rising support at 1.0936 holds. Key resistance is now 1.1120 and falling resistance at 1.1091 so might be worth selling any rallies towards these levels and go long on a break above 1.1140. To the downside 1.0885 is key support.
Support: 1.0936 (rising support), 1.0885 (15/2 low), 1.0730 (key low)
Resistance: 1.1091 (overhead res), 1.1120, 1.1205(former support level), 1.1350(former support), and 1.1441 (key falling resistance from Jul 07 highs)
Basically still trading within the consolidation pattern with support at 106.80 and overhead resistance at 108.60. These levels are the key points to watch for a more directional move. Watch stocks for further direction in USDJPY as any recovery in the stock market will see the USDJPY go higher.
Support: 107.20 (Tuesdayâ€™s low), 106.80 (rising support), 105.70 (key level), 104.95
Resistance: 108.60 (overhead res), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)
Technically still bullish potential above rising support at 158.28 and while above this level it has potential for test overhead resistance at 159.72 today. Fed minutes released last night seemed to be positive for stocks and futures moved higher overnight, so this should out pressure on JPY given the correlation between stocks and JPY.
Support: 158.28(short term rising support) 157.06 (former key res), 154.95, 152.97 (long term rising trend line)
Resistance: 159.72 (key level), 160.31 (former support line, now resistance)
The break of the apex Friday did indeed produce a nice rally as it took out 1.0129 resistance Tuesday. Rising support at 0.9955 today and minor support at the break out level from Friday at 1.0002. Overhead resistance at 1.0222 today.
Support: 1.0002 (break out level), 0.9955 (rising support), 0.9830 (key level), 0.9703 (1 month low)
Resistance: 1.0222(overhead res), 1.0280 (falling res from Aug 07 high), 1.0380 (key level, overhead res), 1.0400(former key support.)
Still bullish momentum intact above the 0.7495 break out level and next resistance level is the all time high at 0.7612. Rising support coming in at 0.7439 today.
Support: 0.7495 (former res), 0.7439 (risings support), 0.7400, 0.7387 (rising sup), 0.7284 (rising support)
Resistance: 0.7570 (yesterdayâ€™s high), 0.7612 (all time high)
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