Fresh bulls, underpinned by rally in JPY crosses probe again through key barriers at 110.00/22 zone (psychological/weekly cloud top/previous upside rejections/Fibo 61.8% of 113.70/104.59) on Monday.

Stronger dollar across the board adds to pair’s bullish stance in early Monday’s trading, with the action being supported by strengthening daily momentum and underpinned by north-heading 10/20SMA (109.62/109.50).

Eventual close above 110.22 Fibo barrier would generate signal for continuation of bull-leg from 104.54 (3 Jan spike low) towards barriers at 110.75 (55SMA) and more significant 200SMA (111.25).

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Conversely, another failure to break higher would signal prolonged directionless mode, but bullish bias would remain while the price holds above 10/20SMA’s.

Res: 110.28, 110.75, 111.25, 111.55
Sup: 109.93, 109.62, 109.50, 109.18


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