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JPN 225 Technical Analysis: Rebound on Pause

JPN 225 Technical Analysis: Rebound on Pause

2016-02-22 07:43:00
Nathalie Hyunh,
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Talking Points:

  • Nikkei 225 Strategy: Watch support during this correction period
  • Immediate support is 76.4% Fibonacci at 15,545, then 14,963
  • Momentum reversal dampens topside bias, although resumption may follow

JPN 225 is trading sideways after the previous sharp rise lost momentum. There is not yet any indication of a directional move, hence 76.4% Fibonacci and support level should be relatively safe while the index is stuck.

Traders with long positioning may keep their stops tight and close to support level in case the downward momentum strengthens. It is too early to gauge if the rebound has finished, or this is simply a temporary correction.

Those looking to buy dips may find opportunities to enter trade provided the 2 support levels are not threatened throughout this week.

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JPN 225 Technical Analysis: Rebound on Pause

Daily Chart - Created Using FXCM Marketscope

Losing Money Trading Forex? This Might Be Why.

--- Written by Nathalie Huynh, Strategist for DailyFX.com

Contact and follow Nathalie on Twitter: @nathuynh

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

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