Nikkei (JPN225) is testing major resistance at 21409 (Fibonacci retracement, Fibonacci extension, descending resistance) and a strong reaction could occur from here to push prices down to major support at 20276 (Fibonacci extension, horizontal swing low support). We have to be cautious of intermediate support at 20759 (Fibonacci retracement, horizontal overlap...
Nikkei is testing major resistance at 22178 to 22360 where we can see strong fibonacci retracement and fibonacci extension along with horizontal overlap resistance. What is nice to see is that there are multiple stochastic reactions that has occurred at that level too. Major support is at 21700 which is a strong fibonacci retracement, extension and overlap support.
Nikkei is testing major support at 21700 which is the 38% retracement and 61.8% extension along with a strong overlap support. Breaking this level could trigger a strong move down to 21353 ( 61.8% retracement , 100% extension, horizontal overlap support). It's important to note that RSI has broken below our strong 50% support signalling that a potential bearish...
Nikkei is approaching major support at 21700 (Fibonacci retracement, Fibonacci extension, horizontal overlap support, Ichimoku cloud support) and there is a potential for a bounce above this level towards 22360 resistance (Fibonacci retracement, horizontal overlap resistance). RSI (55) sees strong support above 50% which is the level that would maintain our bullish bias.
Long Nikkei 225 @ 19,300; TP 19,683, SL your choice
Pink Lines are our targets, Take 25% at the first pink line, and then close all or leave open if you choose at the second pink line, Nikkei going to break the short term trend line.
Good short term retracement trade. Not a super strong resistance, but should work. Weakening of JPY will lead to upward move, after settling of political issues in US.
The blue line is the DJIA. Implies NKY ramp in 2 Dec Asian session, which in turn implies another JPY fade.