Today’s Nikkei 225 Signal
Risk 0.75%
Trade can be taken anytime during the day
Long Trade 1
Buy the Nikkei 225 at ¥17,426
Set stop loss to ¥17,300
Take half profit at ¥18,000
Final target is ¥20,000
Nikkei 225 Analysis
During the session on Wednesday, we fell in Tokyo, but you can see that we have been in an uptrend for some time. By bouncing and forming a hammer like candle, it suggests that the buyers are very interested in this market and could continue to go higher given enough time. I believe that a fresh new high would of course signify that significant resistance has been broken, and as a result the longer-term uptrend could continue.
Keep in mind that the Bank of Japan is trying to keep the value of the Japanese yen down, and that of course tends to boost exports when it comes to the Japanese economy. With this in mind I feel that sooner or later we will get the momentum to go higher and therefore have no interest in selling.
No major announcements are expected that should move this market.
