Nikkei poised to open higher

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The Nikkei advanced another 191 points or 1.0% on Thursday, closing the day at 19,116.41, favored by a weaker yen. The local currency fell to a fresh 3-month low against its American rival, on renewed speculation the US Central Bank is determined to raise its rates during the upcoming December meeting.

    The Nikkei extended intraday up to 19,333, and is poised to open around 19,200, despite the poor performance of Wall Street.

    Nikkei technical view

    “Daily basis, the index has tested its 200 DMA before retreating, but is standing above the previous highs, now the immediate support around 19,170, while the technical indicators continue heading north in positive territory, all of which should maintain the downside limited”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the 20 SMA has gained bullish slope below the current level, but that the technical indicators have turned flat in positive territory, giving no clear clues on what's next for the index in the short term”.

    Support levels: 19,170 19,110 18,990. Resistance levels: 19,245 19,335 19,400.
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