I do not trade Nikkei directly but I do monitor this chart as I have observed that it is a good gauge of JPY strength. With wr6b smashed with a bearish engulfing day, and more importantly, it had respected the ed channel which had been drawn previously. I will be confident of shorting JPY crosses, and will be looking at CADJPY, EURJPY , CHFJPY. i am omitting GBPJPY because it has already ran away for much pips, unless i wish to minimize risk by reducing lot size.
I will be separating this short into 2 phase. phase 1: towards channel btm. phase 2 begins when channel is broken.