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Nikkei holds a slightly positive tone - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Japanese Nikkei remained closed due to a local holiday on Wednesday, with its last registered close at 18,886.70. The index however, will be open on Thursday and Friday, as Christmas is not a national holiday in Japan.

    BOJ's Governor Kuroda is expected to give a speech during the upcoming Asian session, while early Friday, the country will release it National and Tokyo inflation figures, and the latest unemployment data. In the meantime, the index has advanced sharply higher in electronic trading, following its European and American counterparts that edged sharply higher amid oils' recovery.

    Nikkei technical view

    “Trading around 19,100, the daily chart for the index presents a slightly positive tone as, despite the index has posted a steeper advance above its 100 SMA, the technical indicators are still below their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical scenario supports some further gains given that the index is above its 20 SMA that lost the bearish tone seen on previous updates, while the technical indicators are back in positive territory, albeit showing no directional momentum at the time being”.

    Support levels: 19,068 18,991 18,923. Resistance levels: 19,120 19,182 19,270.
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