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Strong rally on the back of the FOMC 50bp rate cut yesterday and looking to test the 1.50 level near term, but it has to take out 1.4905 falling resistance first. Bullish momentum intact above 1.4750 now. Have more support coming at 1.4465 (rising trend line). Looking at the chart in a longer term view the absolute key rising support is now coming in at 1.4274, which must hold to keep alive prospects for higher levels.
Support: 1.4750, 1.4640, 1.4520, 1.4465 (key rising sup), 1.4274 (key swing level)
Resistance: 1.4905,(key level), 1.4920, 1.4967 and 1.5000 (key level)
240 min â€“ Support at 1.4465 and falling resistance at 1.4905, which it bounced off yesterday.
Tested minor resistance at 1.9960 yesterday, but fell back quite hard and looks to be selling interest all the way up to 2.0000 level. Have to hold 1.9810 support to maintain the recent bullish momentum.
Support: 1.9810, 1.9640, 1.9428, 1.9337 (key Jan low), 1.9310
Resistance: 1.9960, 2.0000, 2.0170 (Key level)
120 min â€“ Fell below the rising support line overnight, but 1.9810 is the pivot level for now, so while above still chances for higher levels.
Broke key support at 1.0850 overnight and it now remains to see if it was a real or false break. To the upside key resistance remains 1.1074, so basically any rally towards that level looks like a solid shorting opportunity.
Resistance: 1.1000, 1.1074 (falling res), 1.1120, 1.1205(former support level), 1.1350(former support), 1.1456 and 1.1554 (key falling resistance from Jul 07 highs)
Couldnâ€™t quite reach the 107.90 key level before it fell considerably in late trading yesterday. The key levels to watch remains 107.90 resistance and 105.50 support. 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: 105.50 (key level), 104.95
Resistance: 107.92 (key level), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)
The levels to keep an eye on today are 160.00 (falling resistance) and 155.50 support. Note that the former falling resistance from Dec highs is clearly broken and could act as support now, coming in at 157.20 today. Also have former support line (now resistance) at 160.30 today.
Support: 157.20, 155.50, 152.97 (long term rising trend line)
Resistance: 158.20 (falling res), 159.25 (key level), 160.31 (former support line, now resistance)
Took out 0.9983 support and move quickly lower and reaching 0.9872 before reversing higher in late trade. Key resistance is still former key support line at 1.0130, so basically bearish momentum intact below 1.0130 today. Also have minor resistance at 1.0000 (falling resistance line from Jan highs).
Support: 0.9830 (key level), 0.9703 (1 month low)
Resistance: 1.0000 (falling res), 1.0130 (former support line), 1.0380 (key level, overhead res), 1.0400(former key support.)
Traded briefly below key support at .07400 Monday, but shoot up within a few minutes. This level now looks well supported and look for a test of key resistance at 0.7490 near term.
Support: 0.7400, 0,7350, 0.7302 (rising support)
Resistance: 0.7490, 0.7540 (break down level 16 Jan), 0.7612 (all time high)
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