We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • #USDCHF pivot points (daily) – S3: 0.9819, S2: 0.9853, S1: 0.9866, R1: 0.9901, R2: 0.9922, R3: 0.9957- https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The #Euro snapped downward to overturn a would-be bullish breakout, signaling that sellers have reclaimed the initiative. Will they follow through this time? Get your market update from @IlyaSpivak here:https://t.co/RdAMU0QFYu https://t.co/inKMNJuyj5
  • En español: ¿Qué es el DAX 30? Guía del trader sobre el #DAX30 #GER30 #trading https://t.co/5ERZBPd4hf https://t.co/00FPI76keU
  • Lowe: Weakness in consumption growth was GDP surprise $AUDUSD
  • ...and despite the surge in volatility last week (over 55% jump from the Nov 26 low to Dec 3 high), the net speculative short futures position barely budged https://t.co/or2EZnslUc
  • Lowe: Confident consumers will spend more, but many people have high debt so spending takes longer $AUD
  • RBA's Lowe: GDP outcome was broadly in line with expectations $AUDUSD
  • The $VIX went through a wild ride this past session. Looks like there is far more uncertainty under the surface than what the SPX itself is showing https://t.co/zDiCZMc12q
  • RT @Fxhedgers: "U.S tariffs on Chinese imports still scheduled to go on Dec 15th, China is preparing for those tariffs to go active." : tra…
  • $AUDJPY may be breaking under a Rising Wedge. Still plenty of event risk this week to drive price action for the sentiment-linked pair (#Fed, #tradewars, #UKelection2019, and more). A daily close under 73.36 could pave the way to revisit October lows - https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2019/11/07/FX-Trading-Setups-in-AUDJPY-On-US-China-Trade-Talk-Outcomes.html?CHID=9&QPID=917702 https://t.co/EPUOuSqy6V
Nikkei 225 Battle Lines Drawn- Key Levels to Know

Nikkei 225 Battle Lines Drawn- Key Levels to Know

2017-03-07 17:39:00
Michael Boutros, Technical Strategist
Share:

The index is in consolidation below a critical confluence resistance barrier. Here are the updated targets & invalidation levels that matter.

Talking Points

  • Index in consolidation below critical resistance barrier
  • Updated targets & invalidation levels
  • Looking for more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)

Nikkei 225 Daily

Nikkei 225 Daily

Technical Outlook:The Nikkei 225 has continued to consolidate below a critical resistance threshold at 19636/76 since the start of the year. This level is defined by the 161.8% extension of the advance off the 2016 low & the 78.6% retracement of the decline off the 2016 high and converge on the 50-line of the ascending median-line formation over the next few days. Key confluence daily support rests at 19018 where the 2017 low-day close converges on basic trendline support.

The near-term focus is on a break of this range with a close above needed to mark resumption of the broader uptrend. Such a scenario eyes subsequent topside resistance objectives at 20026 and the median-line / 2016 high-day close at 20746. A break below this formation risks a more meaningful correction towards confluence support at 18596/650 where the 100% extension, 61.8% retracement, 100-day moving average and the yearly lows converge on the lower median-line support. We’ll reserve this region as our bullish invalidation.

Nikkei 225 - 240min

Nikkei 225 240min

Notes: A closer look at price action highlights this consolidation range below key resistance with the 61.8% retracement of the advance off the yearly low further emphasizing the significance of the 19018/31 near-term support zone. Until this formation breaks, keep these levels in focus. Ultimately, I am looking higher- but for now we would need to respect a break below 19018 as a more noteworthy technical development. Keep in mind we have the FOMC & the BOJ within a 24-hour block next week.

Relevant Data Releases

Nikkei 225 Battle Lines Drawn- Key Levels to Know

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.