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.
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.
