The pair hit new two-week high at 110.78 on Friday, supported by rally in EURJPY cross, extending recovery rally into fourth straight day.
Fresh advance probes through trendline resistance / Fibo 76.4% of 111.39/108.11 at 110.62, opening way towards 110.90 (15 Jun high), which guards key barrier at 111.39 (21 May peak).
The action is supported by formation of 5/200SMA Golden Cross and 5/100 bull-cross, with next week’s twist of weekly cloud expected to attract.
Formation of bullish engulfing on weekly chart is also expected to support bulls.
Weekly close above trendline resistance (the upper boundary of larger triangle) would generate bullish signal for final push towards 111.39 target.
Corrective dips are expected to hold above 200SMA to keep bullish stance.
Res: 110.90, 111.39, 111.49, 111.85
Sup: 110.63, 110.37, 110.18, 109.97
