I think this wedge formation is more likely to be broken to the downside because:
1) There is no Key resistance for Nikkei until 22786 (Nikkei and Gold has negative correlation)
2) There are a lot of bear stops around 112 for USDJPY. If that taken out it can even get to 113.
See the correlation between GOLD and USDJPY
1) There is no Key resistance for Nikkei until 22786 (Nikkei and Gold has negative correlation)
2) There are a lot of bear stops around 112 for USDJPY. If that taken out it can even get to 113.
See the correlation between GOLD and USDJPY
Comment:
We are getting to the lower band of the wedge formation. Can it break the support? I think is likely as Nikkei is making a fresh higher high