Long bearish candle that was left on yesterday’s extension of pullback after strong upside rejection at 114.94, heavily weighs on near-term action.
Yesterday’s close below Tenkan-sen line at 113.26 was a bearish signal, with the pair eyeing next pivot at 112.85 (Fibo 61.8% of 111.57/114.94 upleg.
Firm break here is needed to confirm reversal and trigger further weakness from lower top at 114.94.
Corrective upticks should be ideally capped at 113.80 zone (falling 30SMA/Fibo 38.2% of 114.94/113.07 downleg).
Only sustained bounce above 114.00 barrier would sideline downside risk.
Res: 113.26, 113.59, 113.80, 114.22
Sup: 113.07, 112.85, 112.37, 112.00
