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Nikkei technical picture remains bearish - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After its latest official registered close at 15,713.39 the Nikkei 225 fell down to 15,022 in electronic trading, tracking worldwide stocks fall.

    The Japanese benchmark is trading around 15,200 ahead of the Asian opening and following a day off on holiday, when the yen appreciated over 5% against most of its rivals, which implies high risk of BoJ's intervention. But unless the Central Bank acts, the index won't reverse its current bearish trend, and probably break below the 15,000 level.

    Nikkei technical view


    “The technical picture is bearish with the Momentum and the RSI indicators heading strongly lower within oversold readings, and the benchmark still posting lower lows and lower highs daily basis”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators are bouncing from extreme levels, but the index consolidates near the lows, and remains well below its moving averages, maintaining the risk towards the downside”.

    Support levels: 15,130 15,022 14,910. Resistance levels: 15,332 15,487 15,569.
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