24 Jan 2014
Nikkei 225 futures: Huge bearish outside day
FXstreet.com (Bali) - The Nikkei 225 futures are down by over 1.5% as Thursday's risk-of profile sent Yen soaring while dragging stock lower.
The technical picture the Nikkei 225 futures presents is quite ugly, as price currently sits more than 500 points - 15,420 - from Thursday's early Asian highs of 15,950, after touching a 2014 low of 15,300.
The underlying uptrend is still dominant from a daily perspective, with a thick ichimoku cloud still suggesting plenty of support on dips. The next downside target for the index comes at 15,200 - top daily cloud - followed by 15,050/15,000 - static support early Dec 2013/round number -.
On the upside, if a recovery in sentiment takes effect, there is potential room for a run towards 15,600, where increase in selling interest should make it more challenging for the index to keep rising.
The technical picture the Nikkei 225 futures presents is quite ugly, as price currently sits more than 500 points - 15,420 - from Thursday's early Asian highs of 15,950, after touching a 2014 low of 15,300.
The underlying uptrend is still dominant from a daily perspective, with a thick ichimoku cloud still suggesting plenty of support on dips. The next downside target for the index comes at 15,200 - top daily cloud - followed by 15,050/15,000 - static support early Dec 2013/round number -.
On the upside, if a recovery in sentiment takes effect, there is potential room for a run towards 15,600, where increase in selling interest should make it more challenging for the index to keep rising.