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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bullish
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇯🇵 JPY Consumer Confidence Index (MAR) due at 05:00 GMT (15min), Actual: N/A Expected: 35.0 Previous: 38.4 https://www.dailyfx.com/economic-calendar#2020-04-09
  • Wall Street Futures update [delayed]: Dow Jones (+0.09%) S&P 500 (-0.01%) Nasdaq (-0.30%) -BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.64%, while traders in US 500 are at opposite extremes with 75.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PRc0F82cEe
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.17% 🇪🇺EUR: 0.10% 🇬🇧GBP: 0.09% 🇦🇺AUD: 0.07% 🇯🇵JPY: -0.09% 🇨🇦CAD: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bQLBwqrzPU
  • The Federal Reserve has made a powerful statement about its commitment to shoring up offshore $USD funding markets through the #coronavirus spread. Get your market update from @DavidCottleFX here:https://t.co/fLZjxjr4L9 https://t.co/Ao7XeiY7wS
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.84% France 40: 0.80% Wall Street: -0.23% US 500: -0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aHuwHMbNl1
  • RT @DanielGMoss: $SPX Rising wedge formation signals looming reversal as price attempts to breach 2009 uptrend support-turned-resistance…
  • The US Dollar appears to be back on the offensive against ASEAN FX such as the Singapore Dollar and Malaysian Ringgit. The Philippine Peso gained. What does USD face from here? Find out from @ddubrovskyFX here: https://t.co/U8VGdJPIST https://t.co/F8pRQwz1rR
  • (ASEAN Technical Outlook) The US #Dollar fell against #ASEAN FX such as $USDSGD, $USDPHP, $USDMYR and $USDIDR. Chart patterns are brewing like a Bullish Pennant, Descending Triangle and Falling Wedge #USD - https://www.dailyfx.com/forex/technical/article/special_report/2020/04/09/US-Dollar-Technical-Outlook-USDSGD-USDPHP-USDMYR-USDIDR.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/J7j7Kpvyx4
  • My trading video for today: 'S&P 500 Extends Bullish Gaps, Oil Awaits #OPEC, A Wave of Data Before Holiday' https://www.dailyfx.com/forex/video/daily_news_report/2020/04/09/SP-500-Extends-Bullish-Gaps-Oil-Awaits-OPEC-A-Wave-of-Data-Before-Holiday.html?ref-author=Kicklighter&QPID=917719&CHID=9
Nikkei 225 Technical Analysis: Index Testing Prior Support

Nikkei 225 Technical Analysis: Index Testing Prior Support

2016-06-06 05:36:00
Oded Shimoni, Junior Currency Analyst
Share:

Talking Points:

- Nikkei 225 is currently below the 16,500 prior support

- A hold below 16,500 might expose the 16,000 handle

- A daily close above 16,500 may be required for upside gains

Avoid Common Trading Mistakes with the “Traits of Successful Traders”.

The Nikkei 225 is trading below the prior 16,500 support (at the time this report was written) as it appears the index continues to pivot around the level in search of directional conviction.

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 from June 2015 highs.

After a three day losing streak, and a break below prior support at 16,500, the index now appears to be testing the level again, which may cap gains and turn to resistance.

If price holds below 16,500, this might put the focus on prior low/support at around 15,800, with interim support at the 16,000 handle.

With that being said, if the Nikkei can find some positive upside momentum along with other risk correlated assets, this may expose interim resistance at 16,776 and the 17,000 handle, with the big range resistance lurking at the top.

Nikkei 225 Daily Chart: June 6, 2016

Nikkei 225 Technical Analysis: Index Testing Prior Support

--- Written by Oded Shimoni, DailyFX Research

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

DISCLOSURES

News & Analysis at your fingertips.