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Nikkei Forecast May 26, 2016, Technical Analysis

By:
Christopher Lewis
Published: May 26, 2016, 04:08 UTC

The Nikkei had a good day on Wednesday as we broke above the resistance, and now look ready to grind away higher. The ¥17,000 level above has caused quite

Nikkei daily chart, May 26, 2016

The Nikkei had a good day on Wednesday as we broke above the resistance, and now look ready to grind away higher. The ¥17,000 level above has caused quite a bit of resistance, but quite frankly it’s only matter time before we go above there. Pullbacks should offer buying opportunities and value, as the Nikkei certainly looks as if it is picking up momentum now. A break above the ¥17,000 level should send this market looking for the ¥17,750 area above, and possibly even further. We have recently been making “higher lows”, and as a result it looks as if the trend is trying to change in this market.

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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