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Wednesday, January 23, 2013

Japan's Nikkei Futures Index Rejected at Resistance

I last wrote about Japan's Nikkei E-mini Futures Index in my post of December 26, 2012.

Price continued to rally and, subsequently, reached the confluence resistance zone at 11000 last week, where it was rejected on the first attempt to push above, as shown on the Weekly chart below.

We'll see whether their Central Bank's/government's aggressive asset purchase/fiscal program (in line with their 2% inflation target) continues to produce the same kind of upward momentum that it's seen since the December lows, and for how long. In any event, we may see choppy (and potentially volatile) movement in between 11300 and 10390, until price breaks and holds convincingly above or below those levels.