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.
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.
