We have been consolidating in sort of sideways pennant pattern recently as shown on chart, within the context of a bigger sideways consolidation between 122.00-115.00 levels.
Yesterday's daily candle was a sort of high-wave candle, marking 119.90(candle high) and 118.48(candle low) as key levels to watch for the next potential breakout direction. A break above 119.90 will probably complete a breakout above the descending resistance for the recent consolidation as well. in addition to the 50-days SMA, that could favor the bullish scenario, targeting 120.85 and 121.80.
Alternatively, a breakout below 118.48 could target the rising trend line shown on chart as an initial downside target.
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