The pair stands at the back foot on Wednesday, following previous day’s sharp fall which completed 108.60/110.66 corrective phase. Strong bids at 108.50 so far contained attempts lower but recovery attempts are likely to stay limited under 109.00 barrier (hourly Kijun-sen), with extended upticks to be capped by daily Tenkan-sen/10SMA at 109.50 zone. Bears are looking for final break below 108.60 base for test of 2017 low at 108.11 and fresh acceleration lower on break as significant stops lay below 108.00 level. Persisting geopolitical risks keep safe-haven yen favored and expected to further weigh on the pair.
Res: 109.00, 109.32, 109.50, 109.83
Sup: 108.49, 108.26, 108.11, 107.35
