The pair maintains overall bearish bias despite long-legged candles in past couple of days that signaled hesitation at key 110.00 support zone. Repeated rejection at daily Tenkan-sen 111.14 yesterday and today’s spike to former low at 110.09 were bearish signals. Renewed demand for safe-haven assets keep yen supported along with firmly bearish technicals. Final break below 110.00 zone (110.09 base / 109.91 – 50% retracement of 101.17/118.65 rally) would trigger fresh acceleration lower and expose 109.30 /108.81 projections and 108.00 in extension. Weekly close below 111.36 (weekly cloud top) is needed to confirm bearish stance. Alternative scenario will be activated on sustained break above 111.36. US NFP data are in focus.
Res: 110.99, 111.14, 111.36, 111.43
Sup: 110.09, 109.91, 109.30, 108.81
