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
Real Time News
  • $Gold catching a bid ahead of #FOMC https://t.co/zEwlvLxapy https://t.co/nX2J1gufkw
  • $EURUSD trying to hold support in the fibonacci zone b/w 1709 and 1736, same that helped to catch the Q1 low one more level below that zone and its the 2021 low at 1664 $USD $DXY https://t.co/sntjlxZrnl
  • EUR/USD has been packed in tightly between two key kevels (1.1700/38) since the open on Sunday night. Get your $EURUSD market update from @HathornSabin here:https://t.co/y8SKCtGUFj https://t.co/7atjCSqVS0
  • 🇺🇸 Building Permits MoM (AUG) Actual: 6% Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇺🇸 Housing Starts MoM (AUG) Actual: 3.9% Previous: -7% https://www.dailyfx.com/economic-calendar#2021-09-21
  • 🇨🇦 New Housing Price Index YoY (AUG) Actual: 12.2% Previous: 11.9% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqi8ZEe https://t.co/EZHni1zt9V
  • Heads Up:🇺🇸 Building Permits MoM (AUG) due at 12:30 GMT (15min) Previous: 2.3% https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇺🇸 Housing Starts MoM (AUG) due at 12:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-21
  • Heads Up:🇨🇦 New Housing Price Index YoY (AUG) due at 12:30 GMT (15min) Previous: 11.9% https://www.dailyfx.com/economic-calendar#2021-09-21
Nikkei 225 Technical Analysis: Index Finding Support at 15,800

Nikkei 225 Technical Analysis: Index Finding Support at 15,800

Oded Shimoni, Junior Currency Analyst

Talking Points:

- Nikkei 225 appearing to have found some support at 15,800

- Gains may be corrective within context of the near term down trend

- Price seems to eye the 16,500 level for possible resistance

The Nikkei 225 is trading sideways after spiking down on the BoJ’s monetary policy announcement at the end of April, with the index appearing to have found support around the 15,800 level. The price has been trading between the well-defined 18,000 resistance and the 15,000 support since the start of the year, with gains appearing to be corrective in the context of the near term down trend.

With price pushing higher from the 15,800 support, traders may put their focus on the 16,500 resistance level which coincides with the 0.382 Fib as measured from the April 22 high at 17,769. A move above resistance might put the spot light on the 17,000 handle followed by the range top at 18,000.

With that being said, a well-defined bearish technical setup may offer selling opportunities at the 16,500 level, with a move below 15,800 appearing poised to test the range bottom at 15,000 with interim support at the April 7 low at around 15,380. However, confirmation is absent for the time being.

Find REAL TIME traders' positioning with DailyFX’s SSI Indicator Here

Nikkei 225 H4 Chart: May 9, 2016

Nikkei 225 Technical Analysis: Index Finding Support at 15,800

--- Written by Oded Shimoni, DailyFX Research

To contact Oded Shimoni, e-mail instructor@dailyfx.com

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

DISCLOSURES