The Nikkei gapped higher at the open on Thursday, and then tested the ¥20,000 level. The ¥20,000 level of course is a large, round, psychologically
The Nikkei gapped higher at the open on Thursday, and then tested the ¥20,000 level. The ¥20,000 level of course is a large, round, psychologically significant number, but ultimately we do think that this market continues to go higher and above that level as we have been above it previously. Ultimately, we think pullbacks offer value, and a move above the ¥20,000 level should send this market looking for the ¥20,800 level. The Bank of Japan will continue to focus its efforts on supporting the market, and bring down the value the Yen. Because of this, we remain very bullish.
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.
