The pair has shifted trend to neutral on daily timeframe
but has failed to break above the Cloud this far and is
currently pulling back towards the lower end of the Cloud.
Support today at 205 which is Cloud support and Weekly R2.
Also notice how price hasn't retested the broken Monthly
pivot point, which may also be a destination on a retracement
from here at 202.5. Technically, a retracement is sound
and will also align the projected Cloud to become bullish
if we see a close above the Cloud. That would produce a
buy signal and likely continued appreciation. Only a close
below the 202.50 and the Cloud will create some worries
for Bulls, as it may bring about a deeper retracement
perhaps towards 170 and the Kijun Sen.
Overall, price has advanced_ sharply after a trendline break
and has entered the Cloud. Since the projected Cloud is
bearish still, the resistance at the upper end is that much
stronger, and it will be natural to see a pulback from here.
This could also give more buyers the opportunity to
step in at a better price. Bulls would like to see price
close and stay inside the Cloud and after a bullish twist
a break and close above the Cloud, for a buy signal and
bullish continuation.
but has failed to break above the Cloud this far and is
currently pulling back towards the lower end of the Cloud.
Support today at 205 which is Cloud support and Weekly R2.
Also notice how price hasn't retested the broken Monthly
pivot point, which may also be a destination on a retracement
from here at 202.5. Technically, a retracement is sound
and will also align the projected Cloud to become bullish
if we see a close above the Cloud. That would produce a
buy signal and likely continued appreciation. Only a close
below the 202.50 and the Cloud will create some worries
for Bulls, as it may bring about a deeper retracement
perhaps towards 170 and the Kijun Sen.
Overall, price has advanced_ sharply after a trendline break
and has entered the Cloud. Since the projected Cloud is
bearish still, the resistance at the upper end is that much
stronger, and it will be natural to see a pulback from here.
This could also give more buyers the opportunity to
step in at a better price. Bulls would like to see price
close and stay inside the Cloud and after a bullish twist
a break and close above the Cloud, for a buy signal and
bullish continuation.
