Legionnaire
Short

Nikkei to lose ground this week. Watch the USDJPY for weakness!!

FX:JPN225   Nikkei 225 index of Japanese listed shares
The Nikkei breakout above 18k at the start of the year has seen T-Line Support (green) hold until now. Price broke below this T-Line at the start of April and retested it on Friday and seemingly has been rejected. Coupled with the fact that the Nikkei has validated a bear flag , all things being equal, we should see more weakness for Japan's premier index. A re-break below 19213 and successive 2hr             closes should see the downside accelerate. Negative divergence in the momentum indicator strengthens the bearish case. Any losses in the Nikkei will also be reflected in the Yen pairs (Yen strength) so be vigilant. 18911 and 18488 are the next support levels in the Nikkei if the successful break below 19213 materializes.
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