“¢ The cross weakened below a confluence region, comprising of 100-period SMA and a short-term ascending trend-line support on the 1-hourly chart.
“¢ The downfall, however, lacked any strong follow-through amid fading safe-haven demand, which kept JPY bulls on the back-foot.
“¢ Hence, only a follow-through weakness below the 147.00 handle would confirm the bearish break and turn the cross vulnerable to extend the downfall.
Spot Rate: 147.34
Daily High: 147.99
Daily Low: 147.12
Trend: Turning only below 147.00 handle
Resistance
R1: 147.71 (200-period SMA H4)
R2: 147.99 (daily swing high)
R3: 148.50 (R2 daily pivot-point)
Support
S1: 147.00 (round figure mark)
S2: 146.69 (200-period SMA H1)
S3: 145.90 (S2 daily pivot-point)
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