Wednesday, October 21, 2015

Nikkei 225 surges by almost 1% at the open

FXStreet (Bali) - The Nikkei 225 has managed to pare all its initial minor losses, shrugging off subdued performance in US equities, to currently trade up by 0.9%, supporting the rise in all Yen crosses.

The index had been trapped in a triangle since the start of trading on Oct 19th, with today's open below the lower edge of the ascending trendline being quickly faded by the smart money, which led to breakout traders being caught upside down, resulting in a surge in the benchmark index towards 18,400, with key resistance overhead at 18,440/50.

Today's fundamental data out of Japan showed Japan merchandise trade balance coming below forecasts of ¥84.4B in September, with the actual at ¥-114.5B. Imports (YoY) came in at -11.1%, above forecasts of -11.7%, while exports (YoY) came in at 0.6%, below forecasts of 3.4%.
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