The pair came under strong pressure after dovish Fed on Wednesday and extended losses in early Thursday, probing below 113.00 support.
Sharp reversal after multiple failures to break above daily cloud, turned near-term picture into full bearish mode, with long red candle that was left on Wednesday, signaling reversal and weighing strongly on the market.
Fresh weakness cracked 113.13 support (Fibo 61.8% of 111.67/115.49 upleg) with close below it to generate another bearish signal for extension towards next target at 112.57 (Fibo 76.4%).
Broken daily Kijun-sen offers initial resistance at 113.58, with thickening daily cloud (cloud base lies at 114.17 today), maintaining strong pressure and expected to cap upticks.
Res: 113.58′ 114.07′ 114.17′ 114.87
Sup: 113.13′ 112.89′ 112.57′ 112.00
