The pair holds in green on Friday on optimistic signals about US/China talks which reduced safe-haven demand and put yen under pressure after five straight days of rallying.
Very strong downside rejection on Thursday suggests that bears faced very strong headwinds and may keep the downside protected for now.
Thursday’s giant Hammer candle adds to hopes of stronger recovery, which cracked pivot at 108.07 (Fibo 38.2% of 113.70/104.59) and requires sustained break here to signal further recovery and expose next key barriers at 109.15 (50% retracement) and psychological 110.00 resistance, reinforced by falling 10SMA.
Extended upticks should be capped here to keep overall bearish structure intact.
US NFP data and speech of Fed’s Powell could give more hints about near-term direction.
Res: 108.07, 108.44, 109.15, 110.00
Sup: 107.51, 107.19, 106.74, 105.65
Written by Admin
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