Extension of Tuesday’s rally spiked to 111.71 on Wednesday, on probe through pivotal daily cloud top barrier (111.57). Break was not sustained so far, as the price returned below cloud top, but scope for eventual break and close above cloud exists. Strong dollar and bullish techs are supportive, with extension higher also expected to trigger a number of stops parked above, which would accelerate bulls through next pivots at 111.83/87 (29 Aug high/Fibo 61.8% of 113.17/109.77 descend). Extended consolidation under cloud top should be contained above rising daily Tenkan-sen (111.25) to keep bullish bias intact.
Res: 111.57, 111.71, 111.87, 112.15
Sup: 111.35, 111.25, 111.08, 110.95
