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The pair remains at the back foot on Thursday and pressures last Friday’s fresh multi-month low at 3.4171 after recovery stalled on approach to 3.4500 barrier.
Falling 10SMA repeatedly capped upside attempts, with failure to clearly break the barrier, reconfirming strong bearish bias.
Firm break below 3.4171 could trigger fresh extension of larger downtrend from all-time high at 3.9414 (posted on 08 Jan) towards Fibo 138.2% projection at 3.4085 and psychological 3.4000 support, with extension towards key support at 3.3633 (weekly cloud base) seen likely on stronger bearish acceleration.
Falling 10SMA (currently at 3.4337) offers initial resistance, ahead of falling daily Tenkan-sen (currently at 3.4448).

Res: 3.5039; 3.5120; 3.5214; 3.5244
Sup: 3.4171; 3.4085; 3.4000; 3.3633