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Have overhead resistance at 1.4884 today and this is now the next target near term. Have short term rising support at 1.4674 today. Have heard chatter from dealers that it is a very large 1.4875 one touch option that one can expect to be defended, so it will take a solid push higher to get to 1.4884 today form the look of things. Looking at the chart in a longer term view the absolute key rising support is now coming in at 1.4320, which must hold to keep alive the prospects for higher levels.
Support: 1.4750 (break out level), 1.4656 (risings support), 1.4530, 1.4468 (rising sup), 1.4360, 1.4319 (key swing level)
Resistance: 1.4830, 1.4887(overhead res), 1.4970 (key level) and 1.5000 (key level)
240 min â€“ Rising support at 1.4656 and overhead resistance at 1.4887. Rising trend support at 1.4634 today.
Didnâ€™t quite manage to get all the way up to 1.9736 resistance Friday, but came within 30 pips of hitting this level before falling back. The short term bullish momentum is intact above Fridayâ€™s low of 1.9608 today and more support found at the break out level from last week at 1.9500. Also have a confirmed double bottom formation on daily chart after it was rejected at 1.9360 last week. To the upside 1.9736 needs to be taken out for higher levels now.
Support: 1.9608 (Fri low), 1.9500 (break out level), 1.9360, 1.9337 (key Jan low), 1.9310
Resistance: 1.9736, 1.9760, 1.9838 (overhead res) 1.9960, 2.0000, 2.0170 (Key level)
120 min â€“ Short term falling resistance at 1.9700 today, with more resistance at 1.9736.
From Friday Broke below the rising support at 1.0936 yesterday that opens for lower levels near term and next key support is 1.0836 now. Exactly hit this level on Friday and one can expect a bounce of these key support levels at least on the first test. However still bearish below the falling resistance at 1.1010 for today. Key resistance remains 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.
Support: 1.0836, 1.0730 (key low)
Resistance: 1.0936 (break down level), 1.1010 (falling res), 1.1084 (overhead res), 1.1120, 1.1205(former support level), 1.1350(former support), and 1.1441 (key falling resistance from Jun 07 highs)
Basically still trading within the consolidation pattern with support at 106.97 and overhead resistance at 108.63. These levels are the key points to watch for a more directional move. Watch stocks for further direction in USDJPY and given the fact that US stock market had a very strong close on Friday and continued strength in the futures overnight, one can expect European markets to be supported this morning, meaning pressure on the JPY.
Support: 106.97 (rising support), 105.70 (key level), 104.95
Resistance: 108.63 (overhead res), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)
Fridayâ€™s break below 158.60 was worth about 45 pip, but then reversed higher as US stocks had a strong rally towards the close on Friday. Have rising support coming in at 158.62 today and while above this level it should have potential to test overhead resistance at 159.72 near term.
Support: 158.62(short term rising support) 157.06 (former key res), 154.95, 153.56 (long term rising trend line)
Resistance: 159.72 (key level), 160.89 (former support line, now resistance)
Came within 25 pips of overhead resistance at 1.0220 last week, but was rejected as can be expected on the first test towards a major level and correction towards lower end of the trend channel at 0.9950 could now be possible. Rising support at 0.9950 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), 0.9960 (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.)
Outlook remains the same as last few days. 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 0.7451 and overhead resistance at 0.7577 today.
Support: 0.7495 (former res), 0.7451 (risings support), 0.7400, 0.7387 (rising sup), 0.7284 (rising support)
Resistance: 0.7577 (overhead res), 0.7612 (all time high)
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