The Japanese Nikkei has been selling off a little over the last week and as a result, there’s been a buy signal out from one of our senior analysts Arslan, since it appears to be getting a little oversold.
In Friday trade, the index has been relatively range bound and behaving in a reasonably predictable fashion.
When the Nikkei ranges it offers high probability opportunities for those looking to scalp. It also offers a good point to enter for those looking for longer term moves.
Keep in mind that towards the end of trade on a Friday, we can often see large volume come in as traders look to close out their positions before the weekend. This can lead to some large late day moves so be aware of that possibility.
Economic Data
Earlier the BOJs Kiuchi came out and said that they can’t continue to purchase JGBs forever.
Japanese Average Cash Earnings for the year came in well below expectations at -0.4% (vs 0.6% expected).
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