Nikkei Futures Point to a Lower Opening - FXStreet

Nikkei Futures Point to a Lower Opening - FXStreet

6 May 2016, 05:51
Roberto Jacobs

Nikkei Futures Point to a Lower Opening - FXStreet

The Japanese Nikkei will reopen this Friday after a three-day holiday, having had its latest official close at 16,147.38. During these days, European and American stocks edged lower as well as commodities, suggesting the index may open lower, albeit not that much, given that the Japanese yen pared gains and pulled back.

Nikkei technical view

“Poised to open around 16,072 according to futures trading, the daily chart shows that the downward potential has eased, although the risk remains towards the downside, as the benchmark holds below its moving averages, but the technical indicators head north within bearish territory,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical bias is neutral, due to the lack of volume seen over these last few days, as the indicators remain flat right above their mid-lines, whilst the index is a handful of points above a horizontal 20 SMA. Some wild moves can be seen at the beginning of the session as investors adjust positions to current sentiment, but the index is expected to stabilized afterwards, and enter wait-and-see mode ahead of US employment report.”

Support levels: 15,952 15,870 15,812. Resistance levels: 16,127 16,200 16,285.


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