The Nikkei 225 ($NIKK) failed at resistance as the Yen surged to new highs. The Nikkei 225 surged in September, but never broke resistance as a weak Dollar drove the Yen higher. It is possible that an inverse head-and-shoulders pattern is forming, but there are no signs of support or strength in October to forge the right shoulder yet.
Click this image for a live chart
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
Learn More
