The pair remains neutral in the near term and holding within 100-pips range, following failure to sustain break below key 112.00 level.
Mixed near-term studies confirm directionless mode, however, daily technicals remain bearishly aligned and keep the downside at risk.
Daily Tenkan-sen and Kijun-sen lines turned south after sideways period and signal renewed pressure.
Break below 112.00 and fresh lows at 111.60 is needed to trigger bearish acceleration that would extend towards the base of thick daily cloud at 109.91.
Congestion tops at 112.50 zone mark initial resistance ahead of descending daily Tenkan-sen which marks the upper pivot (currently at 113.25) and break here would signal stronger recovery.
Res: 112.50, 112.75, 113.25, 113.45
Sup: 111.97, 111.57, 111.34, 110.83
