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.
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.
