Price is back at the 8850 level and is looking ready to advance and enter the resistance level 9200-500. On the hourly chart we see a close above the Daily R1 pivot and bullish 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 resistance level 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 bullish 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 bearish on the daily timeframe 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.