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.
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.
