Yen rose further on US/China trade conflict / North Korea worries
The pair fell on Thursday on fresh fears over North Korea and cracked key supports at 109.71/60 (25 Mar low / weekly cloud base), as risk aversion on US/China dispute further boosts safe-haven yen.
Violation of these supports unmasks key Fibo support at 109.41 (Fibo 38.2% of 104.57/112.40 ascend), break of which would confirm reversal and sideline broader longs.
Rising bearish momentum and firm bearish configuration of daily MA’s maintains pressure, but deeply oversold stochastic (still heading south) warns that bears may take a breather in the near-term.
The base of broken thick daily cloud marks solid barrier which is expected to cap extended upticks.
Res: 110.00; 110.31; 110.58; 110.78
Sup: 109.60; 109.31; 109.00; 108.48