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:
Oil Price Fundamental Daily Forecast – Rangebound Until Traders Get Stimulus, Fed Guidance
USD/JPY Forex Technical Analysis – May Be Setting Up for Counter-Trend Retracement into 106.324
EUR/USD Daily Forecast – Euro Eases Lower From 22-Month Highs
Daily Gold News: Tuesday, July 28 – Gold’s New Record High Followed by Sharp Downward Reversal
Asian Shares Mostly Higher; South Korea’s KOSPI Rallies as Samsung Shares Jump 5.4%