The pair remains congested between 111.02 (50% of 107.31/114.73) and 200 SMA (111.67).
Directionless near-term mode extends into fourth straight day with 200SMA repeatedly capping and marking very strong resistance.
Overall bias remains bearish and favors selling upticks for final break below congestion floor for test of daily cloud base (110.70) and Fibo support at 110.15 (61.8% of 107.31/114.73) in extension.
Meanwhile, upticks above 200SMA cannot be ruled out as daily slow stochastic is still pointing higher after reversal from o/s territory, but bearish structure sees limited action, likely capped by daily Tenkan-sen (112.00) and Fibo 38.2% of 114.73/110.83 pullback (112.32).
Res: 111.67, 112.00, 112.32, 112.70
Sup: 111.35, 111.02, 110.83, 110.70
