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Nikkei poised to open above 16,000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Japanese shares advanced strongly, with the Nikkei up 179 points or 1.13% to close the day at 15,928.79 as the JPY gave back some of its recent gains.

    Banking-related stocks led the way higher, with Mitsubishi UFJ Financial Group up by 4.8% and Mizuho Financial gaining 4.2%. Also, export-oriented companies, particularly car-makers, recovered part of the ground lost recently, with Toyota up by 3.2% and Honda by 3.3%. The index rallied further in electronic trading, heading into the Asian opening above the 16,000 mark.

    Nikkei technical perspective


    “The daily chart, however, is far from suggesting that the index has bottomed out, as it keeps developing below all of its moving averages, and with the 20 SMA heads lower around 16,482. Also, in the mentioned time frame the technical indicators have recovered partially from overbought levels, but remain well below their mid-lines,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators have retreated from near overbought readings, whilst the 20 SMA has accelerated its advance below the current level and currently stands at 15,796.”

    Support levels: 15,970 15,854 15,775. Resistance levels: 16,125 16,232 16,310.
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