The Nikkei is Back at Support: Looking for a Rebound - Forex News by FX Leaders

The Nikkei is Back at Support: Looking for a Rebound

Posted Wednesday, September 6, 2017 by
Rowan Crosby • 1 min read

On the back of the saga with North Korea and the drive towards safe haven assets, the Nikkei has sold off also and is back at our key support level.

We’ve tried and failed a few times to breach this area but every time, it's held up. I think this again might give us an opportunity to go long and look for a bounce. The 19300 is also around the key 200 SMA which often acts a strong support or resistance level and often dictates the entire tone of the market.

This trade is obviously dependent also on market sentiment and the news. If we get more news out of North Korea then there is a chance of more weakness. If not then I will be looking for a retrace and to close the gap from the weekend.

Nikkei

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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