The Nikkei fell during the course of the session on Friday immediately, but turned back around to form a bit of a hammer at the ¥19,500 level. The hammer
The Nikkei fell during the course of the session on Friday immediately, but turned back around to form a bit of a hammer at the ¥19,500 level. The hammer of course is bullish, and we see a massive amount of support near the ¥19,250 level. That was an area that we broke above recently, and it should now offer support. Ultimately, we feel that the market is going to the ¥20,000 level, and then possibly higher than that. Once we do get above that area, we’ll see any reason why the market doesn’t reach the highs again.
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.
