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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
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
Wall Street
More View more
Real Time News
  • 🇯🇵 Tertiary Industry Index MoM (MAY) Actual: -2.1% Previous: -6.0% https://www.dailyfx.com/economic-calendar#2020-07-13
  • 🇯🇵 Tertiary Industry Index MoM (MAY) Actual: -2,1% Previous: -6.0% https://www.dailyfx.com/economic-calendar#2020-07-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.93%, while traders in US 500 are at opposite extremes with 76.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/TRp6GF9snQ
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.32% 🇬🇧GBP: 0.27% 🇪🇺EUR: 0.24% 🇨🇭CHF: 0.16% 🇯🇵JPY: 0.09% 🇳🇿NZD: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/O81hxQPBpL
  • Heads Up:🇯🇵 Tertiary Industry Index MoM (MAY) due at 04:30 GMT (15min) Previous: -6.0% https://www.dailyfx.com/economic-calendar#2020-07-13
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.31% France 40: 1.23% FTSE 100: 0.94% Wall Street: 0.64% US 500: 0.54% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YSclbAH1mY
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/sBmNFhegO2
  • RT @DanielGMoss: Broad risk-on tilt seen during #APAC trade with the trade-sensitive $AUDUSD following #SP500 futures higher Haven-associa…
  • (ASEAN Fundy Weekly) The US #Dollar weakened against #ASEAN currencies like the Singapore Dollar, Malaysian #Ringgit, Indonesian #Rupiah and Philippine Peso. Ahead, Chinese GDP and US retail sales are eyed $USDSGD $USDMYR $USDIDR $USDPHP - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/07/13/US-Dollar-Fundamental-Outlook-USDSGD-USDMYR-USDIDR-USDPHP.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/6ebwzv8CNq
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/GACWUtDtzQ
Nikkei 225 Surge Triggers Overbought RSI Reading

Nikkei 225 Surge Triggers Overbought RSI Reading

2020-06-05 02:00:00
Daniel Moss,

Nikkei 225, Japan, BoJ Talking Points:

  • Nikkei 225 rises to post-crisis highs as economic outlook remains grim
  • Unprecedented fiscal and monetary stimulus continues to fuel the rally
  • Could the Japanese benchmark push back to yearly highs?

The Nikkei 225 continues to outperform its major Asia/Pacific counterparts, with the index surging 50% from its March low as it pushes back to pre-crisis levels.

Even though Japan enters its first recession since 2015, the injection of over ¥ 200 trillion in fiscal and monetary stimulus to support the pummelled economy continues to drive the Japanese benchmark index higher. With Prime Minister Shinzo Abe announcing a further ¥117 trillion of stimulus on the 27th of May, while the Bank of Japan (BoJ) implementing a new ¥30 trillion small business lending facility, the cooperation between the government and central bank shows the determination to protect the local economy during a crisis, described by Deputy Prime Minister Taro Aso, “that goes beyond the scale of the Lehman shock”.

Doubling the pace of ‘risky asset’ purchasing in March has seen the BoJ’s balance sheet continue its meteoric rise, and considering the weakness seen in recent economic data prints, this trend is unlikely to desist anytime soon.

Image of Bank of Japan balance sheet

Source: Bank of Japan, FRED

Nikkei 225 Daily Price Chart

Image of Nikkei 225 index daily chart

Source – Trading View

Breaking back above the 200-day moving average (21,765) at the end of May has pushed the Nikkei to post-crisis highs.

The technical readings remain positive as the Relative Strength Index (RSI) registers its first overbought readings since November 2019, while the momentum oscillator retraces from its highest recorded daily readings.

Future development in the 50-MA and 200-MA may reinforce the bullish signal in RSI and momentum as the steepening of both gradients may lead to a ‘golden cross’.

However, with price failing to close above the former support-turned-resistance zone extending from the 2009-lows (23,000) and RSI beginning to slide back below 70, there is a possibility of a pullback towards trend support and its convergence with the 78.6% Fibonacci (22,278).

The 200-MA (21,285) provides the next key region of interest should price penetrate trend support, with the last line of defence at the 61.8% Fibonacci (20,795).

A daily close above the extreme of the 2009 support-turned-resistance zone may carve a path towards the 2020 open (23,449), with a re-entry of RSI into overbought territory signalling a possible push to test the yearly high (24,244).

--- Written by Daniel Moss

Follow me on Twitter @DanielGMoss

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


News & Analysis at your fingertips.