The pair maintains positive tone on Wednesday after Tuesday’s Doji on fresh risk-on mode, but gains were limited by headwinds from strong barriers at 109.15/20 (50% retracement of 113.70/104.59 / daily Kijun-sen) with resistance being reinforced by falling 10SMA (109.36).
North-heading momentum is supportive, with rising hourly cloud continuing to underpin, but overall bearish daily techs and slow stochastic entering overbought zone and warns of stall.
Near-term price action holds between daily Tenkan-sen (107.97) and Kijun-sen (109.20) with break of either side to generate firmer direction signal.
Sustained break above 109.15/36 zone would unmask psychological 110.00 barrier at 110.22 (Fibo 61.8% of 113.70/104.59).
Bearish scenario on break below Tenkan-sen line would risk dip towards 107.00 zone.
Res: 109.20, 109.36, 110.00, 110.22
Sup: 108.68, 108.07, 107.97, 107.51
