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Nikkei holds limited upward potential - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Nikkei 225 edged lower on Thursday, and ended down by 121 points at 17,041.45. Having started the day with gains, the index turned into the red ahead of the close, with volatility in oil prices and fears of a global slowdown weighing on investors' sentiment.

    Trading was choppy ahead of the upcoming BOJ economic policy decision, although there are little chances that the Central Bank will surprise markets by announcing new measures.

    Nikkei technical perspective

    “Trading a few points above its daily close, the daily chart presents a limited upward potential, given that the index continues trading below a strongly bearish 20 SMA, while the Momentum indicator heads higher, but below the 100 level, and the RSI indicator holds flat around 42”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical picture has turned neutral, with the index confined to a tight range, right above a horizontal 20 SMA, and the technical indicators heading south in neutral territory”.

    Support levels: 16,962 16,892 16,882. Resistance levels: 17,086 17,197 17,272.
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