Nikkei Forecast August 6, 2015, Technical Analysis

The Nikkei rose during the session on Wednesday, rising over way towards the ¥20,700 level, but pullback in order to give back quite a bit of the gains. Ultimately though, we feel that the Nikkei should continue to go higher, and it’s only a matter time before we see a break out. We have no interest in shorting this market as the Bank of Japan should continue to liquefy the markets. Ultimately, we feel that there is a bit of a floor at the ¥20,000 level. Been a longer-term target of ¥22,000 given enough time.