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Nikkei is halfway to erase its post-BOJ gains - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Japanese Nikkei closed Tuesday at 17,750.68, down 113 points or 0.64%, with the early decline being attributed to profit taking. But a stronger yen and increasing risk aversion weighed on the index, which plummeted to the current 17,440 region in after hours trading, as oil broke below $30.00 a barrel.

    Nikkei technical view

    “The index is halfway to erase its post-BOJ gains, and the daily chart shows that still trades above a bearish 20 SMA, while the technical indicators have turned lower, and particularly the RSI has already entered negative territory, supporting some further declines for this Wednesday”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators present tepid bearish slopes after breaking below their mid-lines, while the index is below its 20 SMA, currently around 17,537. January 27th daily high at 17,387 is the immediate support, and a break below it should fuel the decline, favoring an approach to the 17,000 level”.

    Support levels: 17,387 17,292 17,205. Resistance levels: 17,465 17,537 17,645.
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