The pair holds in green and trading near session high at 110.71, in early European session on Tuesday as yen came under pressure on comments from BoJ governor about possible further policy easing. Near-term tone is positive and favors further advance after pullback from 111 zone was contained by rising 10SMA / broken Fibo 61.8% of 113.70/104.59. Fresh advance also broke above falling 55SMA (110.44), opening way for renewed attack at 111 zone and possible extension towards 200SMA (111.29), as bullishly aligned daily MA’s and strong momentum support scenario. Supports lay at 110.44/34 (55/10SMA’s) with break below the latter to weaken near-term structure and extension below rising 20SMA (109.90) to generate initial reversal signal.
Res: 110.71, 111.05, 111.12, 111.29
Sup: 110.44, 110.34, 110.22, 109.90
