Technical forecast for Nikkei

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Nikkei held Thursday’s range. We are still hoping for a move higher this week but we will need to recapture the 100 day moving average at 12730 before we can start to feel more positive. The next hurdle is 12850 but above here we could reach for 13165/200. We should struggle with a high for the day likely. However do not rule out a break higher to target 13410/475.

Last week’s low at 12400 then the June low so far at 12290 are the immediate support levels. A low for the day within this range looks likely on any weakness. However on a break lower we still have good Fibonacci support at 12115 for a buying opportunity this week.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More