The pair continues to trend higher on Tuesday and met its next targets at 112.14/18 (Fibo 38.2% of 118.65/108.11 / 31 Mar high) on fresh acceleration that followed strong bullish close on Monday.
Repeated close above weekly cloud is bullish signal, with fresh gains now looking for close above weekly Tenkan-sen (111.80) and Fibo barrier at 112.14, to signal extension towards widening daily cloud (spanned between 112.30/112.85).
Daily studies are entering into full bullish setup which supports further advance and ignoring so far strongly overbought conditions of slow stochastic.
Broken weekly Tenkan-sen marks initial support with weekly cloud top (111.36) expected to ideally contain dips.
Res: 112.18, 112.30, 112.67, 112.85
Sup: 111.80, 111.36, 111.19, 110.85
