Nikkei maintains bearish bias - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Risk aversion dominated the Asian session, with the Nikkei falling 541 points or 3.15% to close at 17,191.25. The benchmark followed Wall Street on its way lower, while a stronger yen and poor local earnings reports, also weighed on the Nikkei.

    Among the biggest losers was Nomura Holding Inc., which plunged by the most in over four years after the third-quarter net income fell, ending the day down 10.27%.

    The index fell further in after-hours trading, down to 16,622, but recovered towards the 17,000 region as US stocks reversed course in the last trading hour.

    Nikkei technical perspective

    “Technically, the daily chart shows that the index remains below a bearish 20 SMA, while the technical indicators maintain their bearish slopes within bearish territory, maintaining the risk towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators are currently bouncing from oversold levels, but remain far below their mid-lines, while the 20 SMA heads lower far above the current level, around 17,509”.

    Support levels: 16,846 16,783 16,691. Resistance levels: 17,072 17,167 17,272.
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