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Nikkei 225 reverses from 66,000 support and targets 72,575

The index recently bounced from a support zone near 66,000, forming a Lon-Legged Doji pattern and prompting expectations of a move toward resistance at 72,575.

Reported · Written up by our desk · FX Futures

Action Forex said the Nikkei 225 index recently reversed upward from a support zone around 66,000, which it linked to the lower daily Bollinger Band and the support trendline of a daily up channel from March.

The outlet attributed the turn to a daily reversal pattern described as a Lon-Legged Doji and said the broader daily uptrend remains intact.

Based on that setup, Action Forex expected the Nikkei 225 to rise further toward the next resistance level at 72,575, a zone where an earlier wave (1) reportedly stalled.

Latest closeNikkei 225 66,819.05 ▼2.1%

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