The pair is narrowing range ahead of Friday’s US jobs data which are eyed for fresh signals.
Overall bullish structure remains intact despite repeated upside rejections above 113.00, as the price holds above initial supports at 112.46/36, provided by 10SMA/daily Tenkan- sen. Strong downside rejection on Wednesday which left long-tailed daily candle, confirms the strength of supports.
In addition, 200 SMA marks next strong support at 111.93 and also underpins near-term action.
Stronger direction signal will be generated on sustained break of each side, depending on the outcome of US jobs data.
Lift above recent peaks at 113.25 zone would signal fresh acceleration towards barriers at 114.00/49.
Conversely, loss of 200SMA support would generate initial signal of reversal and expose strong support at 111.37 (daily Ichimoku cloud top).
Res: 112.93, 113.25, 113.57, 114.00
Sup: 112.36, 112.21, 111.93, 111.56
