9200-500. On the hourly chart we see a close above the Daily R1
and pressure is clearly visible here. But if price fails to create
momentum at current level, it may drop back yet again, towards the Daily pp
at 8600 or the intraday resistance at 8700 around the upper hourly Cloud. Though
bias is to the upside on the intraday chart as of now. Again, the
above price is strong and normally price would test it and bounce at a first attempt,
retrace to the 8900 level and then come back and penetrate it. That is how normal
price action would occur, so if it instead cuts through it with a strong candle, it will
be quite and may cause a smaller rally towards the 10800 level and the
Weekly R2. Only a daily close below 8150 will shift focus to the downside and the
first support below is the yet untraded Weekly pp at 7770.
Overall, price has recovered from a sharp sell off and is trying to break above important
resistance to carv higher. Still, trend is on the and price is
trading well below the Cloud. A close above the Kijun Sen (white line) at 9500, will
be important in the continued recovery.