The pair stands at the back foot on Wednesday, following previous day’s repeated failure to sustain break above 113.00 barrier. Today’s dips were so far contained by initial supports at 112.40 zone (rising 10SMA/daily Tenkan-sen/rising 4-hr cloud) with larger bulls expected to stay intact while the latter supports hold. However, risk of deeper pullback exists as the pair failed in several attempts to resume larger uptrend which could signal rally’s stall. First bearish signal will be generated on break below 112.40 and expose next pivot at 111.95 (200SMA), loss of which would increase risk of deeper correction.
Res: 112.90, 113.25, 113.57, 114.00
Sup: 112.40, 112.21, 111.95, 111.47
