Nikkei Forecast for the week 17th March , 2014

Nikkei Forecast for the week 17th March , 2014

Weekly Chart

• We are trading very close to the Weekly Clouds which could act as support.
• Last week was a very bearish candle (Engulfing)
• If current support is to break, the next level will be the 78.6 retrace then the 100 retrace 

Daily Chart

• Last Friday saw prices test the 88.6 fib level (from the Feb Lows to the March highs )
• My Bias for the Nikkei is to test the 14500 , if we manage to break above next resis will be 14800

Outlook Trade opportunity

I identified a cypher last week at the 78.6 however the price did went to 88.6 level,
If your long, i would TP at the 'B' of this pattern

Risk Level Low

Tips -

Always take note of any economical news event on our provided calender below

USDJPY Forecast for the week 17th March, 2014

USDJPY Forecast for the week 17th March, 2014

Weekly Chart

• Last week's Candle action is pretty negative, however have closed the week pretty much eating all the gains from the previous week but not penetrating its lows
• Lower body of the Weekly Candle is flat for the last three weeks showing respect the 50% retrace level support
• Stochastics is rising 

Daily Chart

• On the daily, it is easy to see that the current support level has been respected 4 times (including Last Fridays)
• We have fallen back below the clouds
• Be aware that Stochastics is performing a lower low, but the price did not perform a lower low (we have same lows)
• My Bias is that the market could retrace to a fib 50 level / which is also where the clouds are

Hourly Chart

• Both charts are H4 -

• There are two obstacles to go through this week if market was to retrace back to fib 50/61.8 level where it is also where the Clouds are (more strength to act as resistance)
• Weekly Pivot and Monthly pivot both is between the 23.6 and 36.2 level, , and if we look left, there is minor s/r there

Outlook Trade opportunity

Since Friday Night, I have a long on the USDJPY .

Please also consider the Correlation between the Nikkei (I have an analysis on that as well)

Risk Level Medium

Tips -

Always take note of any economical news event on our provided calender below