In the recent Around the World in 30 Seconds post, I had stated that the Tokyo Nikkei Index would likely prove to be a nice short when it reached the 14,000 level. As the $NIKI closed at 13,926 last night after hitting an intra-session high of 13,974, that’s close enough to go ahead an establish a short postion in EWJ (iShares MSCI Japan ETF) here at the open today. Charts below, in this order, are: $NIKI weekly, EWJ weekly, & EWJ 60 min. At this time, my only price target is 10.90, which would provide about a 5% gain if hit (roughly 2x that if using EWV, the 2x short Japan ETF). The suggested stop for this trade is 11.85. Current price is 11.56. However, this trade may be extended depending on how both the $Nikkei and other global market trade over the next week or so.