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JPN 225 Lingers in Range

JPN 225 Lingers in Range

Nathalie Huynh,

Talking Points:

  • Strategy: Prepare for a break of support
  • If 16525 is broken, the next support level will be 15523
  • Downward momentum is building up

Nikkei 225 remains stuck in a range between support level at 16525 and resistance level at 17438.5. Investors should be prepared for a breach of support level in the near term. After that, a new support level would come at 15523.

Downward momentum is building up hence range traders should keep their stops tight in the event of a breach out of range. If this persists until next week, chances of a break of support will increase noticeably. On the upside, resistance at 17438.5 holds firmly.

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JPN 225 Lingers in Range

Daily Chart - Created Using FXCM Marketscope

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--- 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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