“¢ The pair caught some fresh bids on Thursday and built on the overnight goodish bounce from the 111.00 neighbourhood, a support marked by 50% Fibo. level of the 109.71-112.40 up-move.
“¢ Bulls, however, struggled to make it through a 1-1/2 week old descending trend-line barrier, around the 111.65-70 region, also nearing 200-hour SMA and closely followed by 23.6% Fibo. level.
“¢ A sustained breakthrough the mentioned resistance might suggest that the near-term corrective slide has already ended and the pair is all set to aim back towards testing multi-month tops.
“¢ Alternatively, a decisive break below the 111.00 round figure mark will negate the constructive outlook and turn the pair vulnerable to accelerate the slide towards 61.8% Fibo. near the 110.70 region.
USD/JPY 4-hourly chart
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