The pair is consolidating after yesterday’s failure to sustain break above 114.00 barrier.
Gains were capped by falling 30SMA and just under 114.28 pivot (Fibo 38.2% of 118.59/111.61 pullback).
The downside was so far protected by broken bear-trendline from 118.59 peak, currently at 113.25 (near Fibo 38.2% of 111.61/114.13 upleg).
Risk is turning at the downside, as slow stochastic is reversing from overbought territory – negative signal.
Firm break below the trendline/Fibo 38.2% support would trigger fresh acceleration and expose next pivot at 112.85 (daily Tenkan-sen) for stronger bearish signal.
Conversely, sustained break above 113.90/114.20 upper pivots, would improve near-term structure and signal extended recovery.
Res: 113.91, 114.20, 114.47, 114.93
Sup: 113.25, 112.85, 112.58, 112.20
