The USDCAD market has a positive technical outlook. On the monthly time frame, market operation has printed bullish candlesticks since June, and the interim market operation in September is bullish. Presently, market operation is retesting the 1.27000 /1.28600 supply zone (red) but the main horizontal resistance is at the 1.29280 area (purple).
Market operation on the weekly time frame is bullish. Three weeks ago, it made a bearish retest of the 1.25800/1.24870 demand zone (green), which was restored with a bullish continuation candlestick last week. However, the bullish momentum is declining as market operation tackles the 1.2700/1.28600 consolidation area (red), which corresponds to a supply zone on the monthly time frame.
Price action on the daily time frame is bullish within a rising channel (blue) after retesting the 1.25470/1.24900 demand zone (black). It broke out of a minor consolidation area on Friday and, technically, poised for a bullish continuation. Meanwhile, it is operating in the 1.27000 /1.28600 zone (red), which corresponds to a supply zone on the monthly time frame. Besides, the 1.29280 area (purple) is a major horizontal resistance area. Thus, although technical favour bulls more than bears, bulls have a lot of barriers to contend with.
The GBPUSD market remains sideways, but market operation is in a bearish mode. On the weekly time frame, market operation made a bearish drop from the 1.41000 area 14 weeks ago and then went sideways for eight weeks. A bearish continuation candlestick was printed five weeks ago but a bullish corrective mode followed. Presently, market operation is tackling the 1.38800 horizontal resistance area (red) and rejecting it with bearish prints. Overall, technically, bears are still more favoured than bulls. The 1.36400/1.35400 zone (green) is the demand zone or the immediate horizontal support, while the 1.41300/142120 zone (purple) is the prevailing supply zone.
Price action on the daily time frame has rejected the 1.38800 horizontal resistance (red), flipping it for a bearish structure. Meanwhile, it is tackling the 1.34700 horizontal support area; a bearish breakdown of which may incentivize bears to expose the major horizontal support at the 1.36400/1.35400 zone (green).
On the H4 tf, price action has rejected the 1.38800 horizontal resistance (red), flipping it for a bearish structure. Presently, price action is tackling the minor horizontal support at the 1.34700 area. Although we may see some sideways of price action or a corrective bullish move in the early part of this week, the technical impulse favours bears more than bulls.
EURUSD is in a bearish operating mode. On the monthly time frame, the bearish drop from the 1.22500 horizontal resistance in June is still in play. There was a sideways of market operation for two months after the drop but the interim market operation in September has restored the bearish mode. Presently, market operation is tackling the 1.17000/1.16000 horizontal support area (green).
Market operation on the weekly time frame is in a bearish mode after a northward correction of the bearish swing that began 15 weeks ago. Meanwhile, there is a slowdown in bearish momentum as market operation printed an indecision candlestick at the 1.18000 minor horizontal support area last week. We may see a brief sideways or bullish operation in the area but, technically, the area is open to being role-flipped for a southward continuation, and potentially completing a large ‘M’ formation at the 1.17000/1.16000 horizontal support area (green).
On the daily time frame, the order flow context and the recent technical candlestick prints favour bears more than bulls. But a reliable southward rotation would depend on a significant breakdown of the 1.17000/1.16000 horizontal support area (green) on a daily closing basis. Technically, in the short term, bears are more favoured than bulls.
The USDCAD market is bearish but presently in a sideways mode after a bullish retracement to the 1.28600/1.27000 supply zone (red) on the monthly time frame. On the monthly time frame, there was a bullish retest of the area in July with market operation failing to breach it, resulting in the printing of a bullish candlestick with long upper shadow closing below the area. The August market operation also made a bullish run into the area but failed to flip it, resulting in the printing of bullish candlestick with a long upper shadow closing below the area. The interim September market operation made a bullish surge to the area before trading below it. Technically, bears are still influential in the market.
USDCAD market operation on the weekly time frame is located at the 50/68.2 Fib zone of the most recent downward swing. The area is within the 1.28600/1.27000 supply zone (red) seen on the monthly time frame. Meanwhile, market operation is sideways in the zone. Any bullish breach of the area may find the 78.6 Fib zone challenging – a zone that is confluent to the 1.31300 horizontal resistance area (purple).
On the daily time frame, the USDCAD price action is in a bearish mode within a rising wedge (blue). Technically, bears are more favoured than bulls. Meanwhile, the price action is tackling the wedge support trendline and printed an indecision candlestick near it on Friday. How price action tackles the wedge support trendline on Monday should be of interest. A significant bearish breakdown of the wedge support trendline may lead to a southward continuation, but a bullish rejection may see another attempt to breach the 1.28600/1.27000 major horizontal resistance area (red).
The GBPUSD market is under an increased bearish pressure. On the monthly time frame, since July market operation has been within the 1.35500/1.39700 horizontal channel (purple) after a bearish drop in June. Presently, market operation is in a bearish mode.
GBPUSD market operation on the weekly time frame is bearish. Four weeks ago, it made a bullish retest of the 1.37400/1.39700 supply zone (red) and rejected it with a bearish follow through last week. However, the area is within the 1.35500/1.39700 horizontal channel seen on the monthly time frame, which has been maintained since July. Therefore, it would take a significant breakdown of the 1.35500 area (purple) before we could have confidence in a southward turnaround.
GBPUSD price action on the daily time frame is in a falling wedge (blue). It made a bearish test of the wedge support trendline on Wednesday, but a relatively strong bullish momentum took it further within the wedge on Thursday. The candlestick printed on Friday was bearish, but it failed to break below the low of the bullish print of Thursday. The technical impulse favours bears, with the 1.38000/1.38500 supply zone (magenta) still intact, but the zone is being threatened by bulls, perhaps for a retest. Should there be a bearish rejection of the zone after any bullish retest in the early part of this week, we may see a southward continuation. Any bullish breach of the zone is likely to be temporary unless there is a significant northward breach of the 1.37000 area (red).
The EURUSD market is under bearish pressure. On the monthly time frame, market operation made a southward swing from the 1.22300 multi-year horizontal resistance area in June. However, it went to a sideways for two months and presently it is in a bearish mode. The interim market operation in September is below the August bearish close. The 1.16400 area (green) is the operating horizontal support on the monthly time frame.
EURUSD market operation on the weekly time frame is bearish, but it is just about 70 pips from the 1.16400 major horizontal support area on the monthly time frame (green). So, caution is advised until the area is significantly broken down or rejected. Meanwhile, technicals favour bears more than bulls in the short term.
Price action on the daily time frame is bearish. However, it is experiencing some bullish resistance as it tackles the 1.16400 horizontal support (green), which has held as support since September 28, 2020. As the area is just about 70 pips from present location of price action, we may see a sideways of price action or bullish pushback in the earlier part of the week. Technically, the bearish mode is not sustainable unless the 1.16400 horizontal support area (green), is significantly broken down on a daily closing basis. Furthermore, price action is operating in a falling wedge (blue). A bullish pullback of price action may retest the wedge resistance trendline or the previous 1.18000/1.18500 horizontal support area (magenta) turned resistance. A significant bearish turnaround after a northward corrective mode, would target the wedge support trendline and, in the longer term, may threaten the 1.14300 area (purple), which is a significant horizontal support on the weekly time frame.
USDJPY market operation is bullish. On the monthly time frame, the bullish print in September closed above the bullish candlestick printed in August. Market operation has broken above a falling trendline (blue) and presently tackling a horizontal resistance around 111.050. Any bullish break out from the 111.050 area would test the 112.820/114.125 supply zone (red).
On the weekly time frame, market operation is bullish after breaking out of a falling trendline (blue). The last two weeks have seen a bullish continuation after market operation broke out from the 110.300 area (purple), the upper boundary of a consolidation which was in place for seven weeks. Presently, market operation is tackling the 111.600/112.200 horizontal resistance zone (magenta), and respecting a rising trendline (red). Any further bullish drive may retest the 112.820/114.125 supply zone (red) seen on the monthly time frame.
Price action on the daily time frame broke above the 110.300/109.140 horizontal channel (purple). It is presently making a bearish retracement to retest the area, a bullish rejection of which would lead to a northward continuation. Any bearish momentum would not be reliable unless it significantly breaks down the 109.140/109.420 demand zone. Technically, bulls are more favoured than bears.
The EURUSD market operation is bearish. On the monthly time frame, the bearish candlestick printed in September has broken, and closed, below an area of consolidation which was in place between July and August. The September bearish candlestick broke down the previous technical structure, completing an ‘M’ pattern, and making the 1.17530/1.19120 zone (red) the operating monthly supply zone. Technically, a southward continuation would more likely be sustained if a northward retest of the zone, or an area of value near it, results in a bearish rejection. Of course, technicians would be expecting a northward retracement after the completion of the ‘M’ pattern.
EURUSD is bearish on the weekly time frame, but market operation is tackling the 1.15700 horizontal support area (green). This is happening after the completion of an ‘M’ pattern in the area, a pattern that started with an upward move from the area in the first week of November 2020. Technically, we may see a northward pullback to an area of value, such as the midline around 1.17530. Personally, I would see a northward pullback as corrective. But we should not rule out a southward market engineering for liquidity grab at the area of imbalance below the 1.15700 area before a corrective northward pullback.
Price action on the daily time frame is in a falling wedge (blue) and at the wedge support trendline. It is tackling an area, which is a confluence of the wedge support trendline and the 1.15700 horizontal support (green) seen on the weekly time frame. Such an area is susceptible to a bullish pullback or a sideways operation. Two indecision candlesticks were printed in the area on Thursday and Friday. Technically, I expect a bullish pullback to an area of value before a southward continuation. But as a swing trader, I will await how price action handles the area in the early part of this week, at least after the Monday daily close.
GBPUSD market operation is still bearish. On the monthly time frame, the September bearish candlestick closed below the August bearish candlestick. The 1.33000 area (green) is the prevailing horizontal support.
On the weekly time, market operation is bearish within a falling wedge (blue). However, the bearish continuation move of the last three weeks is being challenged at the 1.35300 horizontal support area (light green). Last week, a bearish market operation broke below the area, but was resisted, leading to the printing of a bearish candlestick that closed in the area but which formed a long lower shadow below it. Technically, any further bearish move would see a retest of the 1.34120/1.31300 demand zone (green). A bullish pullback may see market operation attempt a retest of the wedge resistance trendline or the 1.37470/1.39000 supply zone (red). Meanwhile, the technical impulse favours bears more than bulls.
On the daily time frame, price action is in a falling wedge (blue). Presently, it is in a bullish correction of a bearish drop from a daily supply zone, and we may see a southward turnaround after a northward pullback to an area of value, such as the 1.37000 daily supply area. The technical impulse and order flow favour bears.
The USDJPY is market is bullish. On the weekly time frame, a bullish continuation candlestick printed last week closed above the high of the ‘wicky’ bullish candlestick printed two weeks ago. The top wick of the candlestick printed two weeks ago was a bearish pushback from the significant 112.200 horizontal resistance area. The bullish close in the area last week is an indication of bullish intent to seek further northward targets. This may expose the 112.820/114.125 horizontal resistance zone (red) seen on the monthly time frame, which also contains the operating weekly supply. The 110.300/109.140 area (purple) is the prevailing horizontal support and contains the operating weekly demand.
USDJPY price action on the daily time frame is bullish. On Friday last week, price action flipped the 111.600 former horizontal resistance as support, and we may see a bullish continuation in the early part of this week. However, the 112.820 area, which is the lower boundary of the operating monthly horizontal resistance zone, and the operating weekly supply is about 70 pips away, and this may hinder a sustainable bullish drive. The 110.300/109.140 area (purple) contains the operating weekly demand.
USDJPY price action on the H4 time frame is bullish but it is tackling the resistance trendline of a rising wedge (blue). It is also about 70 pips from a horizontal resistance zone seen on the monthly time frame. Therefore, we may not see much bullish drive in the early part of this week. We may see some sideways of price action, or even a bearish dip, before a northward drive.
The EURSD market is still in a bearish mode. On the weekly time frame, market operation is in a falling wedge (blue). The 1.175350/1.19120 horizontal resistance zone (red) is still intact and nestled within it is the prevailing 1.17900/1.19120 weekly supply zone. Although, technically, we are in a bearish environment, market operation is now at the 1.15700 monthly horizontal support area (green) and caution is advised. Last week, market operation printed an indecision candlestick with a bearish tinge in the area, indicating bullish hindrance to bearish momentum. We may see further sideways of market operation or even a northward pullback this week. But a significant bearish breakdown of the 1.15700 area (green) may threaten the 1.14000 handle (purple).
EURUSD price action on the daily time frame is in consolidation within a falling wedge (blue) as it entered the 1.15700 monthly horizontal support area (green), and at an intersection with the wedge support trendline. Last week Friday saw the printing of a bullish candlestick, which really is less significant when compared to the prevailing bearish prints during the week. Technically, any bullish move is corrective as the impulse is under bearish influence with new supply zones being created on the daily time frame. Nevertheless, we may see a bullish pullback to an area of value such as the 1.1700 area before further southward continuation.
EURUSD price action on the H4 time frame briefly broke below the 1.15700 monthly horizontal support area (green) before moving some pips above it. It is now in consolidation. Any bullish breakout may see a retest of the H4 supply above 1.16000 area but a bearish rejection of the area, or another area of value further north, before a southward turnaround. Such a southward turnaround may break down the 1.15700 monthly horizontal support area (green) for further bearish drive. I am more bearish EURUSD than bullish, but I need a northward pullback to an area of value before looking for a sell trading opportunity.
GBPUSD market operation is in a falling wedge (blue). On the weekly time frame, two weeks ago, market operation threatened the 1.35300 horizontal support (light green) by surging below it but failed to close below. Last week, bulls offered a strong challenge to any further bearish control, resulting in the printing of a bullish candlestick that closed about 60 pips above the 1.35300 horizontal support (light green). This really is not a strong bullish effort and bears are still more influential in the market than bulls. Apparently, bulls are attempting a retest of the 1.37470/1.39000 weekly supply zone (red), which is nestled within a monthly supply zone.
A bullish failure would incentivize bears to pursue a southward rotation. The 1.34120/1.31300 area (green) is a major horizontal support zone.
GBPUSD price action on the daily time frame is operating within a falling wedge (blue). On September 29, price action broke below the 1.35300 horizontal support (light green) and the wedge support trendline. However, it was rather brief, as bulls effected a northward pullback into within the falling wedge (blue). Presently, price action is sideways, but bulls are still in contention. We may see a further northward move, perhaps for liquidity grab, before a southward continuation as the technical impulse on the weekly time frame favours bears more than bulls. The 1.37470/1.39000 weekly supply zone (red) is still intact.
On the H4 time frame, on Monday and Tuesday last week, GBPUSD price action made a 78.6 Fib retracement of a downward swing from 1.37165 to 1.341000, apparently to retest the H4 supply around 1.37000 but failed. It created another supply area around 1.36200 on Wednesday, which it retested on Thursday and Friday yielding a bearish rejection. Presently, it is in a bearish mode around the 61.8 Fib zone and may result in a southward turnaround should there be a bearish follow-through in the early part of this week, particularly with a significant breakdown of the 1.35300 horizontal supply zone (light green) seen on the weekly time frame. The technical impulse and order flow context favour bears more than bulls, so any bullish move in the early part of this week would be corrective in nature.
The USDJPY market is bullish. On the weekly time frame, market operation is now at the upper part of the 112.820/114.125 weekly supply zone (red). A northward break of the zone may target the liquidity at the 115.500 horizontal resistance area (purple), which may threaten the next supply zone around 116.800 (blue). Should bears seize upon any bullish misstep, we may see a southward rotation that may target the 111.500 horizontal support (green).
USDJPY is bullish on the daily time frame. The mix of technical candlesticks favours bulls more than bears, and fresh demand zones are being created. Meanwhile, price action has moved far into the weekly supply zone at the 112.820/114.125 area (red) as the bullish candlestick printed on Friday closed at the upper boundary of the zone. However, we should await what happens in the area in the early part of this week. It would take a significant bullish close above the area, e.g., in the form of a strong momentum candlestick, before we can have confidence in a bullish continuation. We should not be surprised to see a bearish pullback, perhaps to the 113.400 area, where we had sideways of price action between Tuesday and Thursday last week, before any further bullish drive. The 111.500 area (green) is a weekly horizontal support area.
On the H4 tf, price action is in an expanding, rising wedge (blue). Meanwhile, it is tackling the wedge resistance trendline and in a sideway mode. The prevailing, short-term demand is at the 113.600/113.300 zone (Sandybrown), and may attract a bearish retest before any further northward drive.
The EURUSD market is presently sideways after the recent bearish drive. On the weekly time frame, market operation is tackling the 1.15700 horizontal support (green). The last three weeks have seen a bullish rejection of the area despite bearish attempts to break it down. Last week, market operation printed a bullish candlestick in the area in response to the bearish print of two weeks ago, but the bullish print is miniature and could not be relied upon to effect any directional change. Nevertheless, any bullish drive may retest the 1.17530/1.19120 monthly supply zone (red) which also contains the weekly supply, a confluence that is technically difficult to breach and more likely to yield to a bearish rejection. At any rate, a bearish turnaround would initially target the 1.14000 technical reaction area (blue), but the 1.12300/1.16000 prevailing weekly demand (purple) should be earmarked as a medium-to-long-term target of bears.
Price action on the daily timeframe is within a falling wedge (blue). It surged below a significant 1.15700 weekly horizontal support area (green) on October 6, tested the nearby wedge support trendline and turned sideways in the area for several days. Last week Wednesday, it made a bullish drive that close above the wedge support trendline and the 1.15700 weekly horizontal support area (green). However, there was no bullish follow-up as price action printed indecision candlesticks on Thursday and Friday. It is now retesting a daily supply zone around 1.16140. Any further bullish move would face significant challenges northwards, and the technical impulse favours bears more than bulls.
Price action on the H4 tf turned sideways after a bullish rejection of the 1.15700 weekly horizontal support area (green). Although we may see further northward move in the early part of this week, such a move would be corrective in nature. The technical impulse favours bears than bulls and we would likely see a bearish turnaround, perhaps, for another attempt to challenge the 1.15700 weekly horizontal support area (green).
GBPUSD market operation is in a bullish mode. On the weekly time frame, it is presently tackling the prevailing 1.37470/1.39000 weekly supply zone (red) and the resistance trendline of a falling wedge (blue). The technical environment favours bears more than bulls, the 1.34120/1.31300 area (green) is the prevailing weekly demand.
GBPUSD price action on the daily time frame is bullish within a falling wedge (blue). It is tackling the lower part of the prevailing 1.37470/1.39000 weekly supply zone (red), which contains the 1.38000/1.38540 daily supply (magenta). Last week Friday, price action printed a relatively big bullish candlestick that surged to the area but met a bearish resistance, resulting in an upper shadow. Although we may see another bullish retest of the area in the early part of this week, which may result in a brief northward move, bears are still technically favoured to cause a turnaround after such a move; the bearish prints since June 11 have greater momentum behind them than bullish prints.
On the H4 tf, price action has made a 61.8 Fib retracement of the downward swing from 1.39130 to 1.34100. The last H4 session on Friday ended with a bearish print, which is an inside-bar to the preceding bullish print. Although, we may see a sideways of price action in the area, or even a brief bullish move, in the early part of this week, technically the area is susceptible to a bearish turnaround. Besides, the technical impulse favours bears more than bulls. Also, the 1.38000/1.38540 zone (magenta) is nearby the present location of price action, and contains the prevailing daily supply as well as being within a prevailing 1.37470/1.39000 weekly supply zone (red), which would require strong bullish momentum to breach. I am bearish GBPUSD, but I will await a favourable setup after a bullish correction.
USDJPY is bullish. On the monthly time frame, market operation in November made a bullish push into the lower boundary of the operating 114.430/118.540 horizontal resistance (red) before bouncing off it.
USDJPY market operation on the weekly time frame printed a bearish candlestick last week. But the technical impulse is still bullish, there was four weeks of strong bullish drive from the 109.500/110.350 demand zone (green). The bullish drive moved to the lower part of the 114.430/118.540 monthly horizontal resistance zone (red), within which is nestled the 115.190/118.540 weekly supply, where it is experiencing a bearish resistance. Technically, we are seeing a retesting of a strong supply zone but we cannot rule out further bullish move as we still have areas of liquidity nearby. Any bearish drive would meet a few barriers southward, the first one being the 112.000 horizontal support, a bullish rejection of which may give impetus for bulls to drive further northward into the 115.190/118.540 supply zone.
On the daily time frame, USDJPY price action is in a bearish mode, but the technical market environment is bullish. Technically, we may see a bearish retracement to an area of value, such as the 111.740/111.160 demand zone (blue) before a northward turnaround. Technically, I am more bullish USDJPY than bearish, but, as a swing trader, I do not see any feasible buy trade opportunity at the current location of price action.
The USDJPY on the H4 time frame is in a bearish mode. Last week Friday, the last H4 session printed a small bullish candlestick, indicating that bulls are still influential in the market. Although we cannot rule out further northward bullish move, perhaps to around the 114.430 area (red), for northward liquidity grab, presently the technical outlook still favours further southward move. The 111.940/111.500 area (dark violet) is the H4 demand zone, which is nestled in the 111.740/111.160 daily demand zone (blue). Any bullish rejection of the area will likely yield a feasible buy trading opportunity.
The GBPUSD market operation is sideways. On the monthly time frame, market operation in November has made a bullish push to retest the 1.38200/1.40000 horizontal resistance zone (purple) but it is facing bearish resistance.
The GBPUSD market operation on the weekly time frame is in a falling channel (blue) and has rejected the 1.38200/1.40000 horizontal resistance zone (purple) seen on the monthly time frame. Last week, it made a bullish retest of the zone but bounced off it, printing a top-shadow doji-like candlestick at the channel resistance trendline. Technically, the market structure is bearish.
On the daily time frame, GBPUSD price action is in a fallen channel (blue) and has rejected the channel resistance trendline. Also, last week Tuesday, it made a bullish retest of the 1.38000 /1.38500 daily supply zone (red), which was rejected on Thursday, with a bearish follow-through on Friday. Technically, we may see a bearish continuation this week.
Price action on the H4 time frame has broken down a recent demand zone and created a fresh supply zone at the 1.37960/1.38100 area (magenta). Technically we are in a bearish environment, but, as a swing trader, I will await how price action handles the 1.37960/1.38100 area (magenta), or the 1.38380/1.38540 longer-term fresh supply zone (red) or order block, in the early part of this week.
The EURUSD market operation is making a bullish retest of a broken-down horizontal support around 1.16700 (red). The area has held as support since August 2020 before it was broken down by the bearish drive of October. Meanwhile, on the monthly time frame, the bullish market operation in November retested the area but met with some bearish resistance.
EURUSD market operation on the weekly time frame has broken the technical structure southwards, creating a fresh supply zone at 1.17900/1.19120 (purple). Meanwhile, it is making a bullish retracement to retest a former horizontal support at 1.16700 area (red). The area has held as support since August 2020. Last week, a bullish candlestick entered the area but met some bearish pressure. How market operation handles the area in the early part of this week should be watched. Pattern traders may see a recent completion of an ‘M’ formation, which may suggest a possible retracement to the mid-line, around 1.17900, before any southward turnaround.
EURUSD price action on the daily time frame is in a falling wedge (blue). Meanwhile, it is at the wedge resistance trendline where it settled to a sideways mode after bouncing off the broken down 1.16700 former significant horizontal support (red) seen on the monthly time frame. We may see further bullish push northwards, perhaps to retest the 1.16860/1.17500 daily supply zone (magenta), before a southward rotation. Any such southward rotation would likely flip the 1.16700 area (red) as resistance and may lead to sustainable bearish drive. I am bearish EURUSD, but I will await how price action handles the 1.16860/1.17500 daily supply zone (magenta).
The USDJPY market is bullish. On the monthly time frame, market operation has broken above the previous 111.00 horizontal resistance (green), being flipped as support and the market operation in October entered the lower area of the operating supply zone, represented by 114.30/118.650. The 114.30 area itself is a multi-year horizontal resistance. Such an area would likely see some sideways of market operation before a directional momentum kicks in.
The USDJPY market operation on the weekly time frame is bullish but presently in a sideway mode as it tackles the 114.30 horizontal resistance area (purple). Three weeks ago, a relatively big bullish candlestick surge into the area, this was resisted the following week with a bearish print but has no significant impact. Last week, a relatively less significant bullish candlestick was printed to counter the bearish move, resulting in a seesaw mode. We should, however, note that market operation is at a relatively strong resistance area – an area which was last visited in September 2018, and we cannot rule out further bearish pushback.
Price action on the daily time frame surged to the 114.30 multi-year horizontal resistance area (purple) on October 15 but was met with bearish resistance. Meanwhile, it has turned sideways as price action navigates the area. A supply zone, the 114.20/114.45 area (red), is now being retested by bullish price action. What happens in the early part of this week should be watched as trading the USDJPY at the current location would not yield sustainable result. The 113.20 area (blue) is the immediate horizontal support and an initial target of any bearish drive, while the 114.30 multi-year horizontal resistance would pose some challenge for bulls to significantly breach northward.
