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
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
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
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
  • Wall Street Futures Update: Dow Jones (+0.31%) S&P 500 (+0.15%) Nasdaq 100 (-0.19%) [delayed] -BBG
  • No matter where you look, the Euro is under a great deal of technical pressure: versus the commodity currencies (EUR/AUD, EUR/CAD, EUR/NZD) or even against the Nordic currencies (EUR/NOK, EUR/SEK). Get your market update from @CVecchioFX here: https://t.co/UJvFdVbrk6 https://t.co/lJGEuR5TIE
  • RT @FxWestwater: $AUDUSD Aims to Retake Key Level as Markets Digest US Covid Stimulus News Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/08/AUDUSD-Aims-to-Retake-Key-Level-as-Markets-Digest-US-Covid-Stimulus-News.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/eYwb…
  • This seems likely to reflect the near-certain passing of the US$1.9 trillion stimulus top-up in the US https://t.co/lmIuNpLmV6
  • Risk-on tone seemingly prevailing in early Asia-Pacific trade. US stock index futures up with commodity currencies (AUD, CAD, NZD, NOK), crude oil, gold. Anti-risk USD, JPY and CHF down. https://t.co/nJgxWHCGCa
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/brgbPlNTIl
  • WTI crude oil prices surpassed the 200% Fibonacci extension level of US$ 66.65 after Saudi Arabia said a storage tank in the Ras Tanura export terminal was attached by a drone on Sunday. Brent price breached US$ 70 mark for the first time since January 2020. https://t.co/hB39eHZLVw
  • Crude oil will likely extend its bull run after one of the most protected oil facilities in the world came under attack on Sunday - BBG
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST on DailyFX - https://t.co/lxd5fZnn4H Mid-Week Market Check Up with IG on Wednesday at 9:30am EST - https://t.co/8SFBJxNZrA
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/6BhlgjWVYw
Nikkei 225 Technical Analysis: Uptrend Shows Signs of  Topping Out

Nikkei 225 Technical Analysis: Uptrend Shows Signs of Topping Out

David Cottle, Analyst

Nikkei 225 Technical Analysis Talking Points:

  • The Nikkei 225’s dominant uptrend channel is still with us
  • But within it the index seems to have failed to top an important daily-chart range
  • The bulls will need to remedy this soon

Get trading hints and join our analysts for interactive live coverage of all major economic data at the DailyFX Webinars.

The Nikkei 225 remains well within its long-dominant uptrend channel but, all the same signs of technical weakness are starting to emerge which probably shouldn’t be ignored, at least as short-term cues.

Within that uptrend the Tokyo equity benchmark seems to have topped out this week well short of the top of a trading range between 21,169 and 21,934. That last bounded trade between Dec 3 and 17, before the long dive which took the index down to this year’s lows so far.

Much of that slide has been recovered, but the process seems to have stalled, at least for the present although, for as long as that uptrend is still in place, revival is always likely.

Nikkei 225 Technical Analysis: Uptrend Shows Signs of  Topping Out

That said much may now depend on how far down retracement will take the index. If the process halts around near-term support from last week in the 21,542 area then the bulls may find themselves with little to worry about.

If on the other hand the index falls further, perhaps back toward the psychologically important 21,000 handle then the uptrend channel could come under threat as it has not since its lower boundary was last tried back on February 11.

It proved resilient on that occasion and may do again. For now those bulls can probably take some comfort from the fact that the channel bottom is some way below the market, in the 20,821 area.

If the rally can get back on track and manage to hold the index above that former trading range, then November 17’s peak of 22,747 will be the most obvious upside target. That looks like a big ask for the bulls though, and progress toward it will probably be quite sedate. The index has retreated somewhat from its most recent overbought levels but, all the same, could do with cooling down a little further.

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