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Taking Some off the Table in the Nikkei

Taking Some off the Table in the Nikkei

Kristian Kerr, Sr. Currency Strategist

The Nikkei 225 failed last week in the resistance zone I was eyeing between 16,985 - 17,200 ( 50-day moving average, 38% retracement of the June - February decline, H&S neckline). Given the timing relationship (100% retracement in time of the October 2014 - June 2015 advance) that coincided with this price failure there is scope that this marks the start of a more significant decline as the downtrend in place since June attempts to reassert itself. There is also a decent possibility that this only marks a minor pause before another run higher. For this reason I want to take profit on half my original position and move the stop on the remaining position to cost.

Short the Nikkei 225 from around 17,040. Covered half of the original position at market (spot reference: 16,623). Stop on remaining position now around cost.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.