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Nikkei 225 breaks above a June down-channel, targets 70,000
Technical analysis says the index broke a daily resistance trendline from June and could move toward the next round resistance level at 70,000.
Action Forex said the Nikkei 225 index has recently broken above the resistance trendline of a daily down channel that started in June. The outlet links that breakout to the prior structure of an ABC correction.
It added that the move accelerated an active minor impulse wave 3 within a broader intermediate impulse wave 3, and that the index is supported by a long-term uptrend.
Given that context, Action Forex expects the Nikkei 225 to rise to the next round resistance level at 70,000.0.
Latest closeNikkei 225 66,970.22 ▲2.1%
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Sources
Action ForexNikkei 225 Wave Analysis