After dropping off sharply from the monday spike high, we have seen a flag forming on intraday chart, which was broken to the upside during the Asian session. A retest of the channel from the upside with additional support by the Kumo Cloud and the Yearly S1 at 1,1465 (which has played an important role as resistance during the recent months, for instance on the May 15 high). An hourly close above the Kijun sen and previous candle open 1,1485-90, may take price up towards the upper Kumo Cloud (which rejected price at previous test). An hourly close above the cloud will open up for a run at the spike high, and perhaps the ultimate target, 1,18, which has been outlined on the daily timeframe. Note that Weekly R1 and Daily PP is in confluence arount 1,15, which may give a bounce as well.
A close below the cloud and re-entering the channel, may expose the daily S1/previous low at 1,14