Strong recovery after significant downside rejection below daily cloud turns near-term focus higher.
The rally extends into third day, as Tuesday’s long-tailed candle and yesterday’s long bullish candle strongly underpin near-term recovery that is now eyeing top of narrowing daily cloud (currently at 114.80).
In addition, daily chart double-bottom, formed at 111.60/67 zone, would also prop bulls for attack at 114.80/94 pivots (daily cloud top/15 Feb spike high), as twist of daily cloud next week is also seen as supportive factor.
Broken bear-trendline off 118.65 offers solid support at 113.60, together with rising cloud base/broken daily Kijun-sen (currently at 113.47) which are expected to ideally contain corrective dips.
Res: 114.30, 114.80, 114.94, 115.36
Sup: 113.60, 113.47, 112.98, 112.75
