JP225YJPY trade ideas
NI225 Japan recovered lost decades; retested H&S & lower channelNikkei 225 have finally recovered from the lost 3 decades. It BO & retested the neckline of a BIG H&S
Pattern stretching almost 3 decades from 1992 to Dec2020.
It also retested the lower side of a big upchannel, rise up to be rejected by the median line of channel.
It has to hold the strong yellow support zone at around 27000 to be bullish enough to break through median.
However, it may still go down to retest the green zone near 25175, or lower channel/neckline, before a true rally may begin.
Not trading advice
NI225 : 10% Down ?
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Nikkei 225 Formed V-Shaped Bottom, Target at 31,000Trend Analysis
The main view of this trade idea is on the Daily Chart.
The Nikkei 225 Index appears to be breaking out of its downward trend channel that formed in September 2021. The breakout appears to be from the V-shaped bottom in the Index over the last month and a half. Expectations are for a continued rally towards all-time highs, around the 31,000 price level. This view will be negated if JP225 were to decline back below 27,000.
Technical Indicators
The technical indicators corroborates this view. The JP225’s Supertrend is back in buy-mode after the Index crossed above 26,000. Also, JP225 is back above the Daily MA, the 1st time since early January 2022. The Awesome Oscillator is above 0 and green while the RSI is above 50.
The intra-day trend following indicators of the Nikkei 225 Index also display uptrends in the 15-Min, 2-Hour and 4-Hour Time frames. Short to medium term support is seen around the 27,300-27,500 price range.
Recommendation
The recommendation will be to go long at market, with a stop loss at 27,000 and a target of 31,000. This produces a risk/reward ratio of 1.94.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes.
Nikkei 225(Confirmations)
1. Entered play because i'm getting rejection on my FIB almost at my 78.6
2. Had a doji close on the 1hr
3. Nice long with at the bottom of candlestick
4. Been in trade for less than 10 min and since price is pushing i'm already in profits
5. Opened 3 trades at 0.30
6. On the daily my 50 Moving Average is still under price.
7. Right now is prime time in Japan. Market barely opened
8. Entry : 27516.36, Exit : Around 28028
Nikkei PlanPrice has hit the trendline and rejected nicely. Price now create an inside bar and decision will be based on the next candle after the inside bar.
Plan 1: Sell when next candle breaks down the inside bar
Plan 2: Buy when next candle breaks up the inside bar
Target will be next support or resistance
JP225USI......D= There is a triple trend that needs to be overcome
= Draws a head and shoulders pattern
= The expected scenario is that it will ascend to 27951.4, then fall to 26374.5, then rise to 27951.4 to complete the head and shoulders pattern, and then we will have the following targets: 29413.5, then 30835.2
