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Nikkei 225 JPN225 CFD

USDJPY: Critical level testedUSDJPY has hit the previous monthly uptrend mode, and is currently stuck inside this zone. It would be a colossal feat, for Yen bulls to drive the pair under this key level, so I will watch it with keen eyes during this week. I'll update the post with intraday and daily/weekly charts as needed. It would give us clues about the future of the S&P500 and Nikkei, if we see the smart money players start to accumulate long positions again. After Monday's close, I'll add a 'Brexit key level' to the chart in an update, and will monitor price action closely from here onwards. I labeled a monthly downtrend signal, as per the 'time at mode' method, comprised of 7 months worth, and a price target that was exceeded already. There are 2 bars left for this decline to potentially end, and send USDJPY back up to the highs, unless yen bulls are strong enough to push the pair below support. Keep your eyes wide open, this is a really significant level, and from here we might get a terrific trading opportunity once the direction is clear, wether the downtrend ends or it continues further down to the 2011 lows. Check out my updated track record here: pastebin.com If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year. Cheers! Ivan Labrie Link to Tim West's chatroom: www.tradingview.com We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask. Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
by IvanLabrie
1
JPN225 4h Elliot wave and pattern analysisOn the 4h chart a Head & Shoulders pattern is in progress. If price breaks the neckline, the target is +- 14700 based on measuring the gap between the neckline and the head. PLUS on this point is also a trendline which can provide support for the price. The 2 possible Elliot Wave scenarios that I have in mind are: Scenario 1(blue scenario): Wave IV has finished, currently riding wave 2 down of V up. This scenario is invalid if price sets a lower low. And: Scenario 2(pink scenario): Currently riding wave c down of IV down. Target +- 14700. This scenario becomes invalid if price sets a higher high. Personally I favor Scenario 2(the pink scenario) because then most parts of my puzzle come together (Head & Shoulders pattern, EW count, Trendlines etc.) A possible strategy could be: SHORT position if price breaks the neckline with a Stop Loss of : 16845 (1 point above high of JUN 6) and Take Profit of: 14750 (a little above the target and trendline). Please click HERE if you want to see the full analysis! Have a nice weekend and happy trading! Jouke Hartman
FX:JPN225Short
by jouke.hartman