The pair closed positively on Wednesday after sharp fall on Tuesday, as daily cloud twist continues to attract, but limited upside attempts seen so far. Firm bearish setup of daily studies keeps the downside at risk as Tuesday’s long bearish daily candle continues to weigh. We need to see firm break below 108.60 support zone for extension of larger bears towards key support at 108.11 (2017 low). Upside attempts should stay capped at 109.45/65 zone (daily Tenkan-sen/Kijun-sen in bearish configuration/converged 10/20SMA’s) in order to keep bears intact.
Res: 109.46, 109.55, 109.65, 109.79
Sup: 108.88, 108.60, 108.26, 108.11
