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Bearish tone below 1.4740 (break down point last Wednesday). Looking at the daily chart now it could be a double top formation forming, but a bit early to say just yet. For today, resistance is up at 1.4740 and support coming at 1.4432 (rising trend line).
Support: 1.4432 (key rising sup)
Resistance: 1.4740 (key break level Wed), 1.4920, 1.4967 and 1.5000
240 min â€“ Falling resistance coming in at 1.4620.
Technically still looking weak below 1.9733 falling resistance. Have another falling resistance at 1.9926 as well.
Support: 1.9480 (key Jan low), 1.9310
Resistance: 1.9660 (swing level), 1.9733 (falling res), 1.9817 (falling res), 1.9926 (falling res), 2.0170 (Key level)
120 min â€“ Falling resistance at 1.9733 that needs to be taken out to move higher.
Some resistance coming in at 1.1089 (falling res) today. Now looks like 1.1085-90 is an attractive area to get short with a tight stop.
Support: 1.0950 (break out level yesterday) 1.0880, 1.0840 (overnight low)
Resistance: 1.1089 (falling res), 1.1205(former support level), 1.1350(former support), 1.1503 and 1.1596 (key falling resistance)
120 min â€“ Falling resistance was taken out Wednesday, 1.0950 minor support today.
Bearish below 107.03 (falling res) today and more resistance at 107.90, so it looks toppish near term in the 107.00 area. The key level to watch is 108.10 and a break here would be a bullish signal. But watch stocks for further direction in USDJPY as any recovery in the stock market will see the USDJPY go higher and a break of 108.10 is bullish.
Support: 105.90 (key level), 104.95
Resistance: 107.03 (falling res), 107.92 (key level), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)
Longer term rising support coming in at 152.78 that was tested almost to the pip this morning (see daily chart). So the first test of this major trend should hold. Watch the stock market for any clues on a correction higher, if stocks pick up then I think it will shoot higher. Falling resistance coming in at 160.18 today and any approach of this level looks like an attractive short trade.
Support: 152.78 (long term rising trend line)
Resistance: 157.75, 159.72(falling res from the Dec highs)
Key rising support at 1.0026 and falling resistance coming in at 1.0372, so that looks like the range to play for now, but favor playing it from the long side at the moment.
Support: 1.0042 (rising support from low), 0.9830 (key level), 0.9703 (1 month low)
Resistance: 1.0372 (key level, overhead res), 1.0400(former key support.)
The break of 0.7540 support yesterday was the trigger for a solid correction lower, next key support levels are 0.7420 followed by 0.7350.
Support: 0.7420, 0,7350, 0.7232 (rising support)
Resistance: 0.7540 (break down level from yesterday), 0.7612 (all time high)
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