Nikkei holds neutral-to-bearish stance – FXStreet

By FXStreet Asian share markets were generally higher, but the Nikkei 225 fell 70 points or 0.44% to close the day at 15,751.13, on the back of continued yen strength. Export-related shares were the most affected, further weighed by data showing that core machinery orders fell 9.2% in February compared with the previous month, indicating that local business investment remains subdued.

Nikkei technical perspective

“The benchmark fell further lower in after-hours trading, as Wall Street finally closed slightly lower, and the daily chart retains the negative tone seen on previous updates, as the technical indicators head lower within negative territory after a limited correction of oversold readings, whilst the 20 SMA keeps heading lower above the current level,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index presents a neutral-to-bearish stance, as it’s currently a few points above a horizontal 20 SMA, while the technical indicators are turning lower within neutral territory, lacking enough momentum to confirm a continued decline at this point.”

Support levels: 15,664 15,602 15,557. Resistance levels: 15,793 15,870 17,950.
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Source:: FX Street