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.

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
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇿🇦 Retail Sales YoY (FEB) Actual: 2.3% Expected: -1.8% Previous: -3.7% https://www.dailyfx.com/economic-calendar#2021-04-14
  • The first of many??? #jpm #usbanks https://t.co/Jog9lYjgAq
  • 🇺🇸 MBA Mortgage Applications (09/APR) Actual: -3.7% Previous: -5.1% https://www.dailyfx.com/economic-calendar#2021-04-14
  • 🇿🇦 Retail Sales YoY (FEB) Actual: 2.3% Expected: -1.8% Previous: -3.5% https://www.dailyfx.com/economic-calendar#2021-04-14
  • $JPM Q1 EPS 4.50 vs 3.05 expected - Revenue 33.1bln vs 30.42bln expected - IB revenue 2.85bln vs 2.46bln expected
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.75%, while traders in France 40 are at opposite extremes with 72.55%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gpaHLLtpxK
  • Heads Up:🇺🇸 MBA Mortgage Applications (09/APR) due at 11:00 GMT (15min) Previous: -5.1% https://www.dailyfx.com/economic-calendar#2021-04-14
  • Heads Up:🇿🇦 Retail Sales YoY (FEB) due at 11:00 GMT (15min) Expected: -1.8% Previous: -3.5% https://www.dailyfx.com/economic-calendar#2021-04-14
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/N3j8cfLOKR
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.59% Silver: 0.05% Gold: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fF1mAayDjI
Nikkei 225 Technical Analysis: Support Eyed Amidst Reversal Risk

Nikkei 225 Technical Analysis: Support Eyed Amidst Reversal Risk

Daniel Dubrovsky, Strategist

Nikkei 225 Talking Points:

  • The Nikkei 225 remains in an uptrend when looking at the monthly chart
  • Near-term risk is a triple top bearish reversal pattern, rising support eyed
  • Confirmation of a lasting reversal needs a close below 20,278, March low

Find out what equities could face in the third quarter in our most recent forecast in the DailyFX Trading Guides page

In the bigger scheme of things, the Nikkei 225 remains in an uptrend when looking at the monthly chart below. You can see it is being supported by a rising trend line dating back to June 2016. However, its progress in 2018 so far has been rather shaky. Thus far, it has been oscillating in a range between 24,180 and 20,278. For it to make its leg move higher, it does face some obstacles ahead.

Nikkei 225 Technical Analysis: Support Eyed Amidst Reversal Risk

Zooming in on the daily chart shows that the index is also in a near-term uptrend which began earlier this month with the formation of a hammer bullish reversal candlestick formation. Since then, the Nikkei 225 also formed a near-term rising trend line. However, the index has struggled on multiple occasions to push above the May high established at 23,042 and appears to have formed a triple top bearish reversal pattern.

A break below near-term support could thus pave the way for its next leg lower and immediately ahead is the July 23rd low at 22,339. A push below that exposes the 23.6% and 14.6% Fibonacci extensions at 22,095 and 21,851 respectively. However, for a lasting reversal and one that could perhaps end up overturning the long-term uptrend from 2016, we would need to get below the June line and then the March low at 20,278.

On the other hand, a push above resistance could pave the way for the Nikkei 225 eventually getting back to January highs around 24,170. This would also invalidate the triple top bearish reversal formation. In order to get there, it needs to push above 23,463 (November 2017 high) which is not too far off from the 76.4% Fibonacci extension (23,529).

Just getting started trading? See our beginners’ guide for FX traders to learn how you can apply this in your strategy!

Nikkei 225 Technical Analysis: Support Eyed Amidst Reversal Risk

Nikkei 225/Equities Trading Resources:

--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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

DISCLOSURES