Nikkei has been ranging for a while. Had a big move up today after terrible Japanese trade data. Probably market expects more QE. Anyways on the meanwhile a nice short with first TP at bottom of range and second TP at old support
Nikkei is consolidating forming a bell curve, if you look at the profile shape from the low.
The weekly downtrend that fired in August has now expired, which means there's a possibility that price goes up to retest the downtrend mode.
I see this as improbable and would suggest looking for shorts once the targets on chart are hit, or the low volume resistance zones...
The analysis of multiple timeframes in GBPJPY leads me to believe that we might see a bullish breakout emerge from this juncture.
If we base on the relative strength readings, obtained from my ratio analysis, pairing gold vs each currency, we'd be biased towards a bullish trade setup here. Although rgmov doesn't signal a new 44 bar high in any timeframe, the...
Brief EW analysis of the Nikkei index suggests we're at the top, or close to it.
As per my USDJPY/Nikkei chart, the area above is a very strong quarterly chart resistance.
A move above 23155 would invalidate this scenario, making wave 3 the smallest.
Just something to keep in mind.
Good luck!
We have an interesting scenario here, with the possibility of Nikkei topping, and the Euro on the verge of being devaluated by the ECB's monetary policy.
The setup offers a great risk/reward ratio, so I wouldn't hesitate to take it.
Target is the AB=CD completion from the top to the current sideways range, but it will probably offer plenty of shorter term...
Simple trade setting up after a week's advance.
Entry under the weekly low and at 95.051.
Shout out to jangseohee and justatrader, who are already on this trade.
Good luck to us all!
We have a nice short opportunity in these charts.
It's more evident in the case of USDJPY which offers a clear target and invalidation level.
In the case of the Nikkei, it's at the level of a long term resistance, and showing a painful advance, not something I'd consider bullish in my view, and to make things worse, the highest low has been taken out by a down...
Correction started, as expected.
We now have a bearish target in sight: 19184 by April 27th.
This level and date will be a potential retracement area, or reversal, depending on how price action evolves.
Considering the scale of the uptrend, I don't think this correction will end there, but we'll see.
Better expand as we move forward.
I am short GBPJPY, and...
There's a monthly time at mode expiration in this instrument coming next month.
It's possible to see a reaction as carry trades get unwound, but it's not clear at what price yet.
The extreme target is not reached, but the time at mode one has been exceeded, and heading for 2x the projected range soon.
I think the dollar rally is about to hit its expiration date,...
If price closes without retesting the mode, we might see a steep decline ensue.
Entry is at market (below the previous daily low), and the stop loss at the mode.
Good luck!
Ivan.
Watch this current zone. An over-and-under pattern and fib 261.8 lurks below and the Weekly pivot is the magnet above.
Either way PA choose it sets a the path for the Yen crosses this week.
I just discovered that TrView has a very neat tool for applying fibo ratios to trend duration.
Called "Trend-based Fib Time".
Since the duration of the correction often lasts 61.8% of the trend, there we have it - NIKKEI (and others) seem to be approaching this very milestone. It looks like a shorting opportunity to me.
NIKKEI is a high beta index, offering...
So NIKKEI has almost made it to the new high and went into sell-off mode. Because we are running a motive wave up - it needs to contain five waves. We've seen three: up, down, up, now running forth down, so there's still one upswing left in the present ascending wave. Same for other indices. All point to the start of a major sell-off end Aug, but not yet there.
The Nikkei is offering a nice tight entry on the long side.
Risk 1/2 position on this one, entry is market now, stop at 20462, tp at 26720.
Will trail the stop on a daily basis.
The quarterly chart shows a valid uptrend in place, with time left until July 2016.
We are also above the biggest time spent at price level in the whole chart's history, with the next...
I'm still bullish on the Japan. QE /made in #Kuroda/ pushes indexes higher and higher. Rumor has it the new QE in October /after FED #ratehike??/.
thepatternsite.com
Nikkei was under huge pressure today. Regardless the reason behind the move, I identify it as the 4th wave correction(Purple). I expect the price action of this 4th wave to be confined by the black pitchfork. It could possibly spike lower and test May 2007 high at 18306. I think buy dip into that area and sell the first rally into the medium line is good play here.
Analysis on chart, GBPJPY dropped into a previous uptrend mode support.
Might give us a good entry on the back of news releases today.
Risking 1% on this entry. Won't have a take profit level, but it might stall at the one on chart.
The Nikkei might correct today, it's fairly probable.
Good luck,
Ivan.
S&P reversed in May, and re-confirmed its reversal this week. Nikkei is approaching the reversal point just now. There is just one tiny subwave 5 left, in which the market may try to set a new high or match the previous one. After that we are going to observe a quick (1-2 months) retracement of the ending diagonal, travelling to 16500-17000.
I think the first...
