I see three potentially bearish factors for the Nikkei:
Nikkei 225 on 8/8/13:
1. failed test of lower median line of of pitchfork re gold Sept 2011 Paul Coghlan
2. failed sloping H&S
3. failing horizontal support?
To elaborate(see also chart below):
1. failed test of lower median line of pitchfork from below after falling out of it - a bit similar to but shorter term than gold at $1800 in Sept 2012 as shown by Paul Coghlan in his gold/silver/SP500 webinar on YouTube that I watched late last night (brilliant webinars by the way);
2. breakdown of sloping H&S pattern, testing neckline from below as of now;
3. potentially failing horizontal supports @ 13498 and 13680, testing 13680 from below right now./-
See how this turns out. Will it go to 20000 instead?
I haven't looked at the US dollar:Yen rate to see if they are still nearly 100% correlated.
See also my previous post:
"Amazing correlation: Nikkei ratio to 2x inverse Yen ETF"