With a strengthening positive correlation with USD/JPY, a bullish breakout from the bull pennant it had been coiling within and increasingly bullish signals from the oscillators, the prospects for a run towards the record highs for our Nikkei 225 contract look to be improving.
If we see a retest and bounce from former resistance at 57,700, it would allow for longs to be set with a stop beneath for protection, targeting the record high at 58,570. The prospects for the setup would likely improve should we see additional upside in USD/JPY, which is currently testing a key resistance zone overhead.
Good luck!
DS
If we see a retest and bounce from former resistance at 57,700, it would allow for longs to be set with a stop beneath for protection, targeting the record high at 58,570. The prospects for the setup would likely improve should we see additional upside in USD/JPY, which is currently testing a key resistance zone overhead.
Good luck!
DS
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.