The pair stays in red for the fourth consecutive day as rising demand for safe havens on strong uncertainty keeps yen inflated.
Today’s action broke below important Fibo support at 107.69 (38.2% of 101.18/111.71) which was cracked on Monday but without clear break.
Rising bearish momentum and daily MA’s in full bearish setup (5/200 death-cross and 5/10 bear-cross formed today) maintains negative outlook.
Bears look for fresh negative signal on close below 107.69 pivot that would prompt attack at next key levels at 106.91 (1 Apr low) and 106.70 (daily cloud top).
Oversold stochastic signals that bears may reduce speed but expected to remain in play while the action stays below converged 10/200DMA’s (108.22/32).
Res: 107.69, 107.84, 108.22, 108.32
Sup: 107.38, 106.91, 106.44, 106.19
