A Quick Technical Setup and Trade Idea for Nikkei
What’s up, everyone.
The global stock markets are gaining momentum before the non-farm payroll tomorrow. Taking a look at the Japanese and German stock market indices, both are offering nice setups to trade.
Nikkei – Weaker Yen Keeping It Bullish
Fellas, there’s a negative correlation exists between Japanese Yen and the Japanese stock index. Therefore, the weakness in Yen causes the bullish trend in NKY.
Nikkei – Daily Chart
That being said, we need to closely monitor the Nikkei to catch further bullish waves. Lookin at the hourly chart below, Nikkei is testing a resistance level of $23,485. That the same level where Nikkei was having support in the last week.
The break above $23,485 can lead the market up to $23,650 and even to $23,700. Whereas, the index can dip to $23,390 on its failure to break $23,485. See the key trading levels for Nikkei.
Support Resistance
23579.34 23989.66
23452.6 24116.4
23247.44 24321.56
Key Trading Level: 23784.5
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