Thursday’s close well above weekly cloud top (111.36) was strong bullish signal for extended recovery from 110.00 base. Fresh extension higher on Friday cracked next pivot at 112.15 (Fibo 38.2% of 115.49/110.09 downleg) adding on bullish near-term sentiment. Corrective easing on overbought 4-hr studies is under way, with another bearish signal seen on slow stochastic entering overbought zone on daily chart. This may delay near-term bulls for correction that should be ideally contained by strong support zone between 111.47/25 (daily Tenkan-sen/weekly cloud top/4-hr cloud base) to keep near-term bulls in play for fresh recovery attempts. However, bearish daily studies see risk of recovery stall. Today’s close below weekly cloud top would be initial signal of false break higher and would turn risk to the downside.
Res: 112.15, 112.79, 113.14, 113.43
Sup: 111.47, 111.36, 111.25, 110.93
