Nikkei In Overbought Zone – Sellers Looming at Top!

Good afternoon, traders. The Asian session didn't give us a good start as our forex trading signal on Crude Oil hit by -15 Pips stop loss.


Good afternoon, traders. The Asian session didn't give us a good start as our forex trading signal on Crude Oil hit by -15 Pips stop loss. But, we concluded the session well with +60 pips take profit on the trade as suggested in GBPJPY Hit +40 Pips Profit – Get Ready for the Next Trade. Let’s take a look at Nikkei trading signal.

 

Nikkei – Quick Trade Setup

By having a quick look at the 4- hour chart if Nikkei, we can see the Japanese Index has soared dramatically to place a high of $20306, and that's the area where we can see a triple top pattern on the daily chart. It means, we can try a sell position below this to take quick profits.

Nikkei - 4 Hours Chart - Fibonacci Retracement Nikkei – 4 Hours Chart – Fibonacci Retracement
In addition, the Nikkei is overbought, it needs to complete the 38.2% retracement at $20,098 in the 4-hour timeframe.

 

Nikkei – Trading Idea

Considering this, we just opened a forex trading signal to enter a sell position below $20,275 with a stop loss above $20,350 and take profit at $20,100. Good luck and keep following for more profitable trades.

 
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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