Three-day recovery rally stays capped under 200SMA (110.51), following Friday’s short-lived spike to 110.81. Resistance is reinforced by daily Tenkan-sen (110.41) with multiple bear-crosses of daily MA’s, maintaining strong pressure. Probe through temporary support at 110.16, provided by hourly 55SMA/Fibo 38.2% of 109.11/110.81 upleg is bearish signal and extension below 110.00/109.76 pivots is needed to confirm lower top at 110.81 and shift focus towards 109.11 (07 June low). Alternative scenario requires sustained break above 200SMA to dent overall bearish structure for extended correction towards next pivotal barrier at 111.11 (Fibo 38.2% of 114.35/109.11, reinforced by 20/55SMA bear-cross).
Res: 110.41, 110.51, 111.11, 111.70
Sup: 110.00, 109.76, 109.38, 109.11
