The Nikkei 225 advanced 688 points or 4.11% to close at 16.746.55, most of it ahead of the opening in electronic trading and tracking Wall Street’s strong gains from last Tuesday.
Nikkei technical outlook
“The Japanese benchmark shed some ground after the close as the JPY strengthened, and is poised to open the day around 16,650 now, maintaining the positive tone, given that in the daily chart, the index has risen well above its 20 SMA, having extended its rally up to 16,822, its highest since February 8th,” said Valeria Bednarik, chief analyst at FXStreet. “In the same chart, the Momentum indicator continues advancing well above its mid-line, while the RSI stands flat around 53, this last losing upward strength.”
Support levels: 16,607 16,532 16,447. Resistance levels: 16,730 16,882 16,965.
(Market News Provided by FXstreet)