EvanJones
Short

A small bounce on JPN225

FX:JPN225   Nikkei 225 Index
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A nice channel has formed with a few touch points giving me confidence that this channel will act as S/R. The daily and weekly pivot has not yet been hit and I suspect that price will retrace slightly on the following conditions:

1.) End of month = profit taking and so price may decline
2.) The monthly pivot has not been hit nor has price retrace significantly towards this area
3.) Stochastic is bearish on 1HR/2HR and still overbrought on higher timeframes

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