Strong two-day pullback from double upside rejection at 114.36 found support at 113.07, being contained by rising daily Tenkan-sen and kept intact key supports at 112.95/78 (100SMA /daily cloud top).

Fresh recovery rally on Monday was so far capped by Fibo barrier at 113.75, but immediate downside risk has been sidelined.

Overall bullish bias is expected to keep focus at the upside while the price holds above 100SMA/daily cloud top supports, with break and close above 113.75 (Fibo 76.4% of 115.49/108.11) seen as supportive factor for renewed attempts above 114.00 barrier and re-test of pivotal barrier at 114.36 (10/11 May peaks).

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Conversely, increased risk of stronger correction of 108.11/114.36 rally could be expected on violation of 112.95/79 pivots.

Res: 113.75, 113.93, 114.36, 114.87
Sup: 113.31, 113.07, 112.95, 112.79


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