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Nikkei 225 Forecast July 29, 2016, Technical Analysis

By:
Christopher Lewis
Published: Jul 29, 2016, 05:26 UTC

The Nikkei 225 fell a bit during the course of the day on Thursday, as we continue to grind around the ¥16,500 level. Because of this, looks like we are

Nikkei daily chart, July 29, 2016

The Nikkei 225 fell a bit during the course of the day on Thursday, as we continue to grind around the ¥16,500 level. Because of this, looks like we are not ready to go anywhere at the moment, but I do think that eventually this market shows a bit of a bullish bias, due to the Bank of Japan feeling as if it needs to support the markets overall. I am a buyer of short-term supportive bounces, but realize at this point we will probably do more sideways trading than anything else.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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