Renewed probe above daily cloud top (112.85) on Monday was capped at 112.95 and so far unable to sustain break. Close above daily cloud is required to confirm bulls for extension through 113.13 (100SMA) towards initial target at 113.38 (Fibo 38.2% of 118.65/108.11 descend) and to 113.75 (Fibo 76.4% of 115.49/108.11 downleg). Strong bullish stance is reinforced by 10/30SMA’s bull-cross). However, bulls may be delayed as bearish signal is coming from reversal of overbought slow stochastic on daily chart. Dips are expected to ideally hold above daily cloud base at 111.96, reinforced by rising daily Tenkan-sen (which contained downside attempts on Friday) to avert risk of deeper correction, expected on return below daily cloud.
Res: 112.85, 113.13, 113.38, 113.75
Sup: 112.49, 111.95, 111.80, 111.15