Bounce from new lows at 111.61/57 and yesterday’s close above 112.00 handle, prevented the pair from the second daily close below 112.00 pivot and sidelined immediate downside threats for extended consolidation.
Recovery attempts show signals of fading, with overall structure being negative and keeping the downside at risk.
Sustained break below 112.00 would trigger fresh bearish acceleration that may extend towards strong supports at 110.30/109.91 (ascending 100SMA / daily cloud base).
Daily Tenkan-sen marks key near-term barrier at 113.47 and only firm break here would neutralize downside risk.
Res: 112.50, 112.75, 113.00, 113.47
Sup: 111.97, 111.57, 111.34, 110.83
