The Nikkei gapped lower at the open on Wednesday, and then drove much deeper to the downside. Ultimately, we still think that the ¥20,000 level offers a
The Nikkei gapped lower at the open on Wednesday, and then drove much deeper to the downside. Ultimately, we still think that the ¥20,000 level offers a significant amount of support, so therefore it’s difficult to imagine a scenario in which we are selling. So having said that, we believe that the Bank of Japan and its monetary easing policy should continue to push the Nikkei higher given enough time. We are simply going to wait for supportive candle in order to serve buying again. We recognize that it is the end of summer though, so quite frankly we are not looking for massive moves.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
