Near-term action is biased higher following yesterday’s strong rally that marked the biggest one-day gains since 31 Jan.
Rally was so far capped by daily Kijun-sen at 1.0675, with corrective easing under way.
Broken Tenkan-sen now acts as initial support at 1.0634, ahead of 1.0617 (Fibo 38.2% of two-day 1.0520/1.0675 rally / 5SMA) and 1.0600 (55SMA, former strong barrier) where extended dips should find solid support).
Early downside rejection would prompt attack at next key barriers at 1.0695/1.0710 (20SMA / Fibo 61.8% of 1.0827/1.0520) with sustained break higher to signal an end of corrective phase from 1.0827.
Conversely, loss of 1.0600 handle would signal lower top at 1.0675 and turn near-term focus lower.
Res: 1.0675, 1.0695, 1.0710, 1.0755
Sup: 1.0634, 1.0617, 1.0600, 1.0580
