Mixed Nikkei, Awaits Breakout - Forex News by FX Leaders

Mixed Nikkei, Awaits Breakout

Posted Tuesday, February 7, 2017 by
Dave Green • 1 min read

Today, the global stock market indices are trading bullish, excluding the Japanese stock markets, that fell more than -0.35 percent on a slump in the Paper & Pulp, Manufacturing and Textile sectors.

The Nikkei closed trading at 18,910.78, falling -65.93 points and -0.35% on Tuesday as the Japanese stock market plunged for the worse, expecting performance of companies that includes the Japan Steel Works Ltd. to drop 111.0 points to trade at 2029.0 (5.19%). Moreover, the Dowa Holdings Co. dipped 41.0 points to conclude at 909.0 (4.32%) and Showa Shell Sekiyu also traded bearish at 1058.0, falling 34.0 points and -3.11%.

The drag in Japanese stock market was also caused by the uncertainties in the global economies, as the Prime Minister of Japan, Mr. Shinzo Abe, will see Donald Trump, the U.S President, on 10 – 11 Feb.

Nikkei H1 Chart

Now, let have some insights on the technical side. The JPN225 is still trading bearish. As we can see in the chart, it's trading below a 38.2% Fibonacci resistance level of 19001. Besides that, the descending triangle is still pushing the index lower towards $18824.

I see some selling opportunities below $18824, having placed a stop loss above  $18875 while having a take profit at $18650.

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