News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Nikkei 225 Contests the 16,000 Mark

Nikkei 225 Contests the 16,000 Mark

Nathalie Huynh,

Talking Points:

  • Strategy: Prepare for a rebound if 16,000 is broken
  • Strong upward momentum has returned
  • A breach of 16,000 would open up the topside toward the 16461.5 resistance level

The Nikkei 225 is heading to test the 16,000 mark which has capped daily price action in the last four sessions. Strong upward momentum indicates good chances of a breach, upon which the Nikkei would find leeway to head up to a previous resistance level at 16,461.5.

Investors with either long or short positions may adjust their stop loss around the 16,000 level in preparation for a breach or failure to breach. Those expecting higher moves may find a strong resistance level at 16,461.5 even if the index successfully climbs over the big figure. On the downside, the 15,523 level remains a strong support.

Need a hand to start trading: Free Guides

Want to read market’s momentum: Speculative Sentiment Index

Want to improve your trading strategy:Traits of Successful Traders

Nikkei 225 Contests the 16,000 Mark

Daily Chart - Created Using FXCM Marketscope

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

To receive Nathalie’s analysis directly via email, please SIGN UP HERE

Contact and follow Nathalie on Twitter: @nathuynh

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

DISCLOSURES