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
Wall Street
Bullish
Low
High
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
More View more
Real Time News
  • Looking at the moves in the #DollarIndex and #gold in the days after US CPI this week, @tastytradeRyan, @victorJ0NES and I were on to something here... Bring on #FOMC! https://t.co/msk67privX
  • https://t.co/XFJ04Ve6fT
  • Copper prices eye key support to resume downtrend - #HG1! chart https://t.co/r1drGpDlGK
  • $USD to next resistance at 93.20 next levels up 93.43 and then the 2021 high at 93.73 https://t.co/hxfxJpCb33 https://t.co/srLbQHVbYO
  • USD/JPY extends the rebound from the weekly low (109.11) as the stronger-than-expected US Retail Sales report fuels speculation for an imminent shift in monetary policy. Get your market update from @DavidJSong here:https://t.co/Rozq62QbN4 https://t.co/IGVzuakGGA
  • $ES from resistance to support now at the weekly low, testing a few different support elements here, also a 618 $SPX https://t.co/cchd5Rr92S https://t.co/G9jwiIlEjY
  • The $SPX is going to keep it interesting for us through this final trading session. The 50-day SMA is under strain, its 'quad witching' today, evergreen uncertainty over weekend and FOMC on the threat radar https://t.co/gLgVn8u6HJ
  • The S&P 500 and its counterparts are leaning into support as the end of the week nears. DailyFX's @JohnKicklighter discusses the possibility of a break before next week's FOMC and Evergrande deadline! https://t.co/R5Pr9k2xp8
  • You're Not The Only One Bored Of 'New' Apple iPhones https://t.co/T3ZXZ8wplw via @IBDinvestors
  • $USDCAD big test, right at the Sept. high https://t.co/D9baX3BGXf https://t.co/Sg2ySGIIY8
Nikkei 225 Technical Analysis: Short Term Levels Prevail

Nikkei 225 Technical Analysis: Short Term Levels Prevail

Oded Shimoni, Junior Currency Analyst

Talking Points:

- Nikkei 225 is currently above the 16,776 resistance turned support

- A hold above 16,776 may imply a move higher

-17,000 might be a hurdle before the index could test a longer term range top

The Nikkei 225 is trading above the 16,776 resistance turned support (at the time this report was written) as the index appears lacking in conviction to clear the 17,000 resistance level.

The price was able to move above 16,776 on a daily close basis after a period of congestion, but gains from the breakout appear to be capped by resistance around the 17,000 handle.

The Nikkei has been ranging between the well-defined 18,000 resistance zone 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.

If the price remains above 16,776 and further momentum is found to clear the 17,000 handle, this might imply higher probability for a test of the 18,000 range top resistance zone (around 17,680-18,000).

However, if buyers can’t hold the price higher, and a move below 16,776 is initiated, levels of interest may be the 16,500 level, which seemed influential for the last weeks, followed by the 16,000 handle, and prior support at around 15,800.

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

Nikkei 225 Daily Chart: May 27, 2016

Nikkei 225 Technical Analysis: Short Term Levels Prevail

--- 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