When the Nikkei hits highs, typiclly the JPY will hit lows. What you will notice below is the Nikkei futures (yellow line) is breaking out higher, but the 6J JPY futures (candlestick chart) is developing a double bottom. I suspect one is going to give was soon.

The Nikkei is pushing the 161%v extension, RSI on the daily chart is divergent. With currencies like the EUR/JPY are looking very bearish on the weekly charts, there is quite a battle going on at the moment.

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I am long some JPY in hopes that the Nikkei turns from this key resistance.