Technical forecast for Nikkei

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.