The pair remains bullish and returns above 111.00 handle on fresh strength, after Wednesday’s spike to 111.76, on probe above strong barrier (weekly cloud top at 111.36). No significant impact from yesterday’s Doji candle with long upper shadow is seen so far, as the pair is on fresh rally (underpinned by rising hourly cloud) for renewed attempts above weekly cloud and retest of yesterday’s high, reinforced by weekly Tenkan-sen. Bullish setup of daily MA’s and momentum studies are supportive for firm break and close above 111.36/78 pivots, to signal fresh extension higher and test of next key barrier at 112.18 (31 Mar high). Slow stochastic is overbought on daily chart but continues to head north, however, corrective action should be anticipated in the near-term. Wednesday’s low at 110.85 marks solid support, followed by hourly cloud base at 110.54, with extended downticks expected to hold above psychological 110.00 support, reinforced by weekly Kijun-sen line.
Res: 111.41; 111.76; 112.18; 112.67
Sup: 111.00; 110.85; 110.54; 110.00
