Tuesday’s trading ended in red after repeated failure to sustain break above daily cloud. Near-term price action is holding within the cloud in directionless mode and awaiting Fed for stronger signals.
Daily Tenkan-sen that contained Tuesday’s easing at 114.51, offers solid support, as Tenkan-sen / Kijun-sen lines are in bullish setup and maintain positive bias.
Daily cloud is thickening and continues to underpin, with final close above it, needed to signal stronger upside action towards next target at 115.91 (Fibo 61.8% of 118.59/111.57descend).
Conversely, increased downside risk could be expected on break below daily cloud base (114.27), while extension below daily Tenkan-sen (113.55) will signal reversal.
Res: 114.99, 115.18, 115.49, 115.91
Sup: 114.51, 114.27, 114.00, 113.55
