Nikkei Bullish Price Action is Targeting W H5 Camarilla
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
Latest World Markets Videos
- ANALYSIS-Putin draws Erdogan a red line on Russia's southern flank with Karabakh deal
- JPMorgan warns 10% of junk-rated emerging markets facing debt crises this year
- The Poorest Nations in the World: 5 Countries With the Lowest Per Capita Income
- Ancient massive 'Dragon of Death' flying reptile dug up in Argentina