The pair remains biased lower despite repeated failure to close below strong support at 112.50 that was cracked on Tuesday. Near-term action remains capped by daily Tenkan-sen (113.71) that maintains downside pressure. Bearish daily studies favor renewed probe below 112.50 for retest of next pivot at 112.00 zone (Fibo 38.2% of 101.17/118.65 upleg), break of which would signal fresh bearish acceleration. Conversely, lift above daily Tenkan-sen pivot 113.71) and past two days highs at 113.94, would ease persisting bearish pressure and signal prolonged directionless trading within 112.50/115.60 range. Daily Kijun-sen (115.33) marks next upper pivot, along with daily cloud top at 116.10. Tomorrow’s US NFP data are expected to give more clues about pair’s near-term direction.
Res: 113.34, 113.71, 113.94, 114.56
Sup: 112.50, 111.97, 111.34, 111.00