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captain_smollett
Oct 23, 2016 11:56 AM

JPN225, Nikkei may be preparing a nice drop Short

Nikkei 225 index of Japanese listed sharesFXCM

Description

JPN225 arrives to a downtrend line valid since more than One year ago and now will decide where to go. A secure breakout would mean a road to the new multi-year maximums.

Nevertheless, in my opinion, we will see one more leg down, which can long several months from now, and after that a run to these maximums will continue.

I´m ready to short 17,500 zone, targeting 12,000 on a mid-long term, SL: 18,100

Comment

It was close but hasn´t triggered the sell order yet. Waiting to see on what happens on Monday

Comment

And actually that was an entry for a short. Now I will wait a pullback or a breakdown from the fork line

Comment

No fundamentals, just charts...

Order cancelled

Looks too bullish and Yen still has some room to drop
Comments
ThatoTumelo
captain_smollett
@ThatoTumelo, hello!

I believe Nikkei can be shorted soon because it correlates with the USDJPY pair. USDJPY dropped 22% from last year´s top, Nikkei lost 24%. I think USDJPY may visit 109 area as much and then go down to the 90-lows. And with strengthening Yen, Nikkei will start loosing fuel
ThatoTumelo
@captain_smollett, Yes i agree with you there. Its a positive correlation right?
captain_smollett
@ThatoTumelo, yes, a direct correlation if it is what you mean, as Nikkei follows USDJPY pair. They separated for some years after 2001-2003 plunge but then met again in 2007 and, since then, the correlation is really impressive


MertErten
trump = bullish nikkei
short JPY
captain_smollett
@MertErten, yes, this is a valid tactics for now but, in my opinion, Yen still has one leg down. I´d be careful with longs on Yen now
captain_smollett
Longs on USDJPY to be more precise
ThatoTumelo
Why short??
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