The pair is consolidating under very important barriers at 115.55/60 (daily cloud top/Kijun-sen line/19 Jan recovery peak), after strong two day rally was capped just under this barrier on Friday.
Bullish near-term studies support further advance, as daily bears are fading after pullback from 118.65/59 tops bottomed at 115.50 zone.
Higher base and double-bottom has formed here, generating strong bullish signal.
Final break above 115.55/60 pivot (also 50% of 118.59/112.50 pullback) is needed to trigger fresh bullish acceleration towards 116.30 (Fibo 61.8%) initially.
Meantime, daily Tenkan-sen (currently at 114.05) needs to hold and keep bullish sentiment alive.
Conversely, break below 114.05 would signal repeated recovery rejection and expose the lower boundary of 112.50/115.60 range for retest.
Res: 115.36, 115.60, 116.30, 116.85
Sup: 114.24, 114.05, 113.60, 113.03
