The pair stands above 200SMA (112.13) in early Monday’s trading and turning near-term focus higher, following Friday’s close in red. Thickening daily cloud (111.54/110.43) continues to provide strong support (Friday’s fall was contained just above cloud top) and underpin near-term action, as daily studies remain in firm bullish setup. Close above 200SMA will be bullish signal for retest of last week’s high at 122.71 and attack at 112.80 target (Fibo 76.4% of 114.49/107.31 fall). Buying dips remains favored while daily cloud top holds. Alternative scenario sees risk of deeper pullback on firm break below daily cloud top and extension towards next support at 111.11 (rising daily Tenkan-sen/100SMA).
Res: 112.55, 112.80, 113.00, 113.55
Sup: 112.13, 111.65, 111.54, 111.11
