The decisive break above 61.8% Fibonacci level and a break above the daily Ichimoku cloud provided the impetus for the latest solid gains to levels last seen in 2008. The bullish market structure is expected to remain for weeks to come. The tenkan-sen and kijun-sen lines are positively aligned. Momentum is increasingly positive (based on the RSI), which is reinforcing the underlying upside bias. However there is some caution as it is currently in overbought territory. The stochastic is also in overbought territory.
To the downside the 61.8% Fibonacci level is seen as support (140.95) and below this the October 16 low at 134.13 is a good support level. A drop below this could shift the bias back to the downside.