Strong supports at 112.50 and 112.00 resisted repeated attacks, after probes below 112.50 base were stopped at 112.06/04 on 31 Jan / yesterday.
Also, the pair managed to close above 112.50 base during past three days that signals strong hesitation at key support zone.
Near-term price action is directionless in past few sessions, holding above 112.00 pivot but remains capped under sideways-moving daily Tenkan-sen at 113.70.
Bearish setup of daily studies maintains downside pressure for final break below 112.00 zone (Fibo 38.2% of 101.17/118.65 rally) that would trigger fresh extension of pullback from 118.65/59
tops and expose psychological 110.00 support, also daily cloud base and rising 100SMA.
Alternatively, lift above Tenkan-sen pivot would ease existing bearish pressure for stronger correction of 115.36/112.04 downleg.
Upper breakpoints lay at 115.31 (daily Kijun-sen) and 116.10 (top of thick daily Ichimoku cloud).
Res: 113.34, 113.70, 114.09, 114.57
Sup: 112.50, 111.97, 111.34, 110.83
