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8 Jan 2014
Nikkei 225 finding buying interest, H1 bear kumo cloud broken
FXstreet.com (Bali) - The Nikkei 225 has been steadily bid since Tokyo came online, currently up over 1%, as it continues to pare losses incurred in the earlier in the week.
The Nikkei 225 futures chart is aiming to reclaim the 16,000 handle, with a flat daily kijun to be encountered just past the round number. The ability for the benchmark index to regain its kijun line - on a daily close basis - would represent a major technical victory for the bulls.
If the break were to occur, re-aligning short-term momentum with underlying trend, a retest of recent highs at 16,350 is next target. For now, price saw a convincing break of the H1 ichimoku cloud, allowing further momentum. Any setback sees 15,700 bids providing strong support for the index.
The Nikkei 225 futures chart is aiming to reclaim the 16,000 handle, with a flat daily kijun to be encountered just past the round number. The ability for the benchmark index to regain its kijun line - on a daily close basis - would represent a major technical victory for the bulls.
If the break were to occur, re-aligning short-term momentum with underlying trend, a retest of recent highs at 16,350 is next target. For now, price saw a convincing break of the H1 ichimoku cloud, allowing further momentum. Any setback sees 15,700 bids providing strong support for the index.