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Nikkei 225 Technical Analysis: Japanese Stocks Ready to Drop?

Nikkei 225 Technical Analysis: Japanese Stocks Ready to Drop?

2019-11-21 05:00:00
Ilya Spivak, Head Strategist, APAC
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NIKKEI 225 TECHNICAL ANALYSIS – Talking Points:

  • Nikkei 225 chart shows prices threaten break of support from August floor
  • Confirmation to signal reversal in near-term uptrend, expose 6-month lows
  • USD/JPY chart setup offers cautious support to a bearish Nikkei scenario

Where will markets end 2019? See our Q4 forecasts for currencies, commodities and stock indexes!

Japan’s Nikkei 225 stock index has edged lower since last week’s breakdown in the USD/JPY exchange rate warned of potential for on-coming weakness, as expected. Prices are now within a hair of breaking trend line support guiding them higher since late August.

From here, a daily close below this barrier as well as resistance-turned-support at 22505 that follows almost immediately thereafter would suggest a near-term trend change is afoot. Sellers would then 22120, followed by a price congestion zone in the 21680-825 region.

Immediate resistance stands at 23660, the November 7 high. A rebound that secures a foothold above this threshold with confirmation on a closing basis would probably see buyers taking aim at the 24200-515 area, marked by a double top that has contained upside progression since late January 2018.

Nikkei 225 stock index chart - daily

Daily Nikkei 225 chart created with TradingView

For its part, the anti-risk Japanese Yen has inched a bit closer to building on last week’s maybe-telltale reversal. USD/JPY has conspicuously backed off after retesting resistance at the site where it cracked the floor of a bearish Rising Wedge chart pattern. Extension downward may not be far behind.

US Dollar vs Japanese Yen price chart - daily

Daily USD/JPY chart created with TradingView

NIKKEI 225 TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

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