The pair is in fresh rally from 112.00 zone on Monday and pressuring again 113.00 barrier where last week’s attack was strongly rejected.
Thickening daily cloud contained last week’s choppy trading and continues to underpin the action along with 10/100SMA bull-cross, for final break of 113.00 zone and continuation of broader uptrend from 108.80 (14 June low).
Friday’s close above 112.24 (Fibo 61.8% of 114.36/108.80) was strong bullish signal.
However, the pair may hold in extended consolidation between 112.00 and 113.00 range on repeated failure at 113.00 pivot.
Alternative scenario requires break below 112.00 handle (daily Tenkan-sen) and violation of daily cloud top (111.80) to shift near-term bias lower.
Res: 112.94, 113.05, 113.50, 113.95
Sup: 112.45, 112.00, 111.80, 111.37
