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Nikkei loses upward momentum - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The Nikkei rebounded on Monday, adding 0.99% or 195 points to end the day at 19,698.15, on improved market sentiment following an upbeat US jobs report on Friday, which kept the yen weak against most of its major rivals.

    The index however, retreated some in electronic trading as energy-related equities tumbled worldwide, and points to open the day around 19,660.

    Nikkei technical view

    “From a technical perspective the latest bullish trend has seem to partially lost steam, as in the daily chart, the index is struggling to recover above its 20 SMA, but holding above the 200 SMA, while the technical indicators extended their declines and crossed below their mid-lines, albeit lacking downward momentum at the time being”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index is being led lower by a bearish 20 SMA, whilst the technical indicators are extending their bearish slopes below their mid-lines, favoring a downward move for this Tuesday, particularly on a break below 19,607, the daily low and the immediate support.”

    Support levels: 19,607 19,537 19,447. Resistance levels: 19,702 19,748 19,810.
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