The dollar regained traction and jumped on Thursday, neutralizing negative signal from Wednesday’s bearish candle with long upper shadow, left on post- dovish Fed drop.
Near-term action remains underpinned by bear-trap under 107.75 Fibo support and rising thick daily cloud, keeping in play hopes for further advance.
Bulls need confirmation on close above cracked Fibo barrier at 108.81 (38.2% of 110.96/107.47) and further positive signal on break above daily Kijun-sen (109.22) that would confirm reversal and a higher low at 107.47 correction low.
Daily Tenkan-sen (108.27) offers solid support which guards daily cloud top (108.00).
Res: 109.10, 109.22, 109.63, 110.00.
Sup: 108.81, 108.43, 108.27, 108.00.
