The Nikkei 225 initially tried to rally during the day on Monday, but found quite a bit of resistance above, turning around near the ¥15,400 level. At the
The Nikkei 225 initially tried to rally during the day on Monday, but found quite a bit of resistance above, turning around near the ¥15,400 level. At the end of the session, we had formed a shooting star that sat right upon the ¥15,000 level. This suggests that perhaps there is a bit more downward pressure waiting to happen, and break down below the lows from the erratic trading on Friday should send this market much lower. On the other hand, if we break the top of the shooting star to the upside, we could get a continuation of that upward momentum all the way to the ¥16,000 handle.
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.
