As of now, the best course of action is wait. The channel support that reversed the Nikkei might only last for a couple days. If that is what happens then today's highs should be about the end of the bounce. There could be another day or two of a rally but price can not go above 14600 or the likelihood of an intermediate decline diminishes. So after reviewing the charts the smartest thing to do is pause and let the market tell us what it wants to do. Committing to a short or long position now has no real edge and would be the equivalent to guessing.