The pair returns to red on Friday after short-lived recovery on Thursday was capped by daily cloud top/weekly cloud base (107.56/60 respectively) and closed below cracked daily Tenkan-sen (107.20). Fresh weakness attacks again cloud base (106.70) after the action in past two days probed below the cloud but failed to register clear break, being contained by Fibo support at 106.44 (50% of 101.18/111.71). Overall short-term picture remains negative and favors bearish continuation after 106.92 double-bottom was taken out, but requires confirmation on sustained break below 106.70/44 pivots. Daily technical indicators are in full bearish configuration and support the action, as thick weekly cloud weighs. Eventual close below 106.44 is needed to confirm negative signal and spark fresh weakness which could extend towards 105.20 (Fibo 61.8% of 101.18/111.71) on stronger acceleration.
Res: 107.20, 107.60, 107.91, 108.13
Sup: 106.70, 106.44, 106.00, 105.85
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