The Nikkei has formed an inverted head and shoulders pattern. The price is bullish and the pattern might provide a breakout to the upside.
22600-650 is the POC zone. We can see the bottom of the right shoulder as the price is trying to bounce. The first target is the trend line confluence around D H3 22800. A successful break of the trend line will aim for bullish continuation towards W H5/ D H5 camarilla pivot. 23000-23075. As long as the price is kept 22450, bulls should be safe.
The Analysis has been done with the CAMMACD.Core and Sit Systems
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
- GBP/JPY Price Forecast – British Pound Stalls Against Yen
- Oil Gets Back Above $40 As Traders Cheer Encouraging Manufacturing PMI Data
- Oil Price Fundamental Daily Forecast – Rangebound as Big Money Waits on Sidelines for Demand Clarity
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.