The Nikkei gapped lower again during the session on Thursday, clearing the ¥14,800 level. However, the candle formed a hammer, so we have to believe that
The Nikkei gapped lower again during the session on Thursday, clearing the ¥14,800 level. However, the candle formed a hammer, so we have to believe that sooner or later the buyers are going to come in based upon value. With that, we are not willing to sell this market, but we certainly aren’t comfortable buying this market either. If we can get a move back above the ¥15,000 level, we believe at that point time the market will continue the uptrend. Selling at this point time though is a bit difficult as we are certainly oversold at current levels.
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.
