Forex Marketz Daily Forex News – Fully Markets Update
The Japanese benchmark, the Nikkei 225, seems to be in some short-term technical trouble. This has been obvious as the benchmark stock bourse has been sliding lower over the last couple of weeks. It has moved higher as many days as it has moved lower, and looking at the below daily MT 4 chart, price action is being guided lower by a short term downward sloping trend line. This trend line has been in place since mid-March.
This is not good for the bulls, at least in the short term. This trend line was not even challenged this morning as the Nikkei lost over 171 points. The trend line resistance, for today, lined up at 19,150.
Nikkei 225 Technical Analysis
This puts the focus, at least in the short term, on the support levels until this index can climb and close back above 18,825. This was a key level during the slide seen in early February.
In the longer term, the outlook looks rosier. The bourse remains well within an ascending channel started in July 2016. The base of this channel is nowhere in play and lines up at 17,500. There is very little to be concerned about, from a technical perspective.
