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
EUR/USD
Bearish
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
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
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
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/wlGgQrcK3X
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/qnQ8Cx0DKv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/RJLpBgS43V
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/6GrWzkOouM
Nikkei 22 Technical Analysis: Let Current Wobble Play Out

Nikkei 22 Technical Analysis: Let Current Wobble Play Out

David Cottle, Analyst

Nikkei 225 Talking Points:

  • The Nikkei 225’s rally has faltered
  • In the process it has slipped below its uptrend channel
  • This needn’t be terrible, but it might be wise to wait

Join our analysts live for coverage of all major Japanese economic data at the DailyFX Webinars. You’ll get plentiful trading tips there too.

Body The Nikkei 225 has this week marked a tentative bull failure at its previous significant high and, in the process, slipped below the uptrend channel, which has dominated proceedings since late March.

The Tokyo stock benchmark probed above that high of 22496 on Tuesday and even managed a single daily close above it on the same day.

However it has since slipped back below that level.

Nikkei 22 Technical Analysis: Let Current Wobble Play Out

And it seems to me that this is not an especially good time to buy in. The index may be consolidating after its recent gains. If so that would be only healthy given the quite-impressive rise we’ve seen in the last month or so.

However, that channel break reminds us at the very least that that channel’s upside remains quite a long way above the market. Indeed, it hasn’t faced a serious test since April 5. The uncommitted might now be well-advised to wait a few days to see what happens next.

If the Nikkei edges into a range between current levels and the first Fibonacci retracement of its recent rise then the ‘consolidation’ scenario looks likely with further gains likely once it ends. That retracement come sin at 22082.

However, should that level give way then we could be looking at a more serious correction, even if we don’t see anything close to a complete reversal. In that case, keep an eye on the second retracement level for support. It’s at 21740.

Note also that the index remains above its 20-, 50- and 100-day moving averages on the daily chart, a fact which might also argue that it has got just a little ahead of itself and should perhaps pause for breath.

To the upside, that February peak of 22496 sill offers the bulls their most obvious immediate target. If they can take it then the focus will move irresistibly to the year’s peaks above 24,000. However getting back up there would entail overcoming the steep falls seen in early February and there is as yet little sign of the bullish resolve necessary to accomplish that.

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES