Nikkei is consolidating forming a bell curve, if you look at the profile shape from the low.
The weekly downtrend that fired in August has now expired, which means there's a possibility that price goes up to retest the downtrend mode.
I see this as improbable and would suggest looking for shorts once the targets on chart are hit, or the low volume resistance zones tested.
The last daily leg implies further upside, but rgmov is at abysmal levels and forms new lows, so, it's possible that this move fails and it heads down from here.
If that were the case, next week we will have a new mode, lower, so we could look for time at mode trend signals, which would more or less imply the Nikkei will travel down to test previous support levels.
Once we have clarity here, we will know wether to consider Yen longs or not. For the time being, I'd only try short term swing trades in the yen pairs.
Regards,
Ivan Labrie
Time at Mode FX
The weekly downtrend that fired in August has now expired, which means there's a possibility that price goes up to retest the downtrend mode.
I see this as improbable and would suggest looking for shorts once the targets on chart are hit, or the low volume resistance zones tested.
The last daily leg implies further upside, but rgmov is at abysmal levels and forms new lows, so, it's possible that this move fails and it heads down from here.
If that were the case, next week we will have a new mode, lower, so we could look for time at mode trend signals, which would more or less imply the Nikkei will travel down to test previous support levels.
Once we have clarity here, we will know wether to consider Yen longs or not. For the time being, I'd only try short term swing trades in the yen pairs.
Regards,
Ivan Labrie
Time at Mode FX
Kommentera:
No range expansion out of the mode yet, but the breakout up looks likely. You can go long using Tim West's entry at 18450, sl 18250. My targets should be viable, higher is a longer shot but also possible.
