Nikkei 225 – Pin Bar Rejection + Potential Triple Top | Sep 29
Nikkei – Potential Triple Top & Sell Signal
Although the Japanese index formed two HLs (higher lows), it formed a double top + pin bar rejection, and slightly LH (lower high) at 16425 last week. I suspect with the solid bounce today we’ll get another attack on this double top, forming a potential triple top (4hr chart).
If the 1hr or below shows some weakness or stalling up there, I’ll look to sell with a tight stop above, looking for a range-like play back down towards sub-16200 which would offer a good risk-reward ratio. Any daily close above there will put 16500 in sight, and then 16625, which is the lows from March 2007. Yep, getting into some long dated resistance levels here.
In today’s private members commentary, I’ll be also discussing the GBPJPY consolidation and where the next breakout is likely to be (along with where I’ll trade at), the Dow Jones double bottom and upcoming resistance zone, the NZDUSD exhaustion selling bar, and where I think the next direction for the USDJPY. To learn about becoming a member, click here.
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