Nikkei positive tone prevails – FXStreet

By FXStreet FXStreet (Córdoba) – The Nikkei 225 closed Thursday 97 points higher at 19,944.41, extending its advance during after hours trading towards the 20,000 figure, holding a few points below the psychological mark ahead of the Asian opening.

The Japanese benchmark was helped by a weaker yen this week, and by European indices’ advance, despite Thursday’s activity was subdued given the US holiday.

Nikkei technical perspective

“Technically, the daily chart for the Nikkei shows that it stands far above its moving averages, with the 20 SMA maintaining a strong upward slope after crossing above its 100 and 200 SMAs, maintaining the bullish trend favored. In the same chart, the RSI indicator aims higher around 67, while the Momentum indicator continued retreating in positive territory”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, a mild positive tone prevails, with the index developing above its 20 SMA and the technical indicators aiming higher in positive territory. Some extension beyond 20,038 however, is required to confirm a stronger advance, towards the 20,160/70 region before the end of the week”.

Support levels: 19,942 10,885 19,820. Resistance levels: 20,038 20,100 20,169.
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Source:: FX Street