Although the large pancake broke through the 4-hour midline last night and reached around 1188, it did not continue and retraced again, rebounding from the support below at midnight.

It has now returned above the 4-hour midline, so we will first continue to look up towards 1188-1193-1197 during the day.

Key attention should be on the resistance at 120,000; if it does not break, then it will turn down towards 1179-1171.