The Nikkei gapped lower and below the ¥20,000 level during the session on Friday, which of course is a very negative sign. Ultimately though, we think
The Nikkei gapped lower and below the ¥20,000 level during the session on Friday, which of course is a very negative sign. Ultimately though, we think that there is a massive amount of support between here and the ¥19,000 level, so we are not willing to start selling. In fact, we are waiting to see whether or not we get a supportive candle. Remember, the Bank of Japan stands behind this index given enough time, so it’s difficult to imagine that is going to break down massively. At this point in time, we are to simply looking for a buying opportunity.
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.
