The Nikkei as you can see initially fell during the course of the day after gapping higher on Monday, and then turned back around and formed a
The Nikkei as you can see initially fell during the course of the day after gapping higher on Monday, and then turned back around and formed a nice-looking hammer. This hammer suggests that the market is going to go higher, probably heading to the ¥16,000 level given enough time. With that being said, we are buyers of this market on a break above the top of the hammer, or a pullback that show signs of support. With that being the case, we are bullish but we recognize that the market will more than likely continue to be choppy.
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.
