Nikkei 225 Index Reaching 29 year high

Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst

Nikkei 225 Index: Reaching 29-year high

Japan's Nikkei 225 Index jumped 50% from March low. In fact, the index broke above the high of 2019, reaching the 29-year high. In fact, the index has soared 9% since November, lifted by the rise of the global market in the U.S. presidential election and progress of the coronavirus vaccines.

On the economic front, Jibun Bank Japan Services PMI rose to 47.7 in October from 46.9, while manufacturing PMI bounced to 48.7 from 47.7.

From a technical point of view, the index broke above the ascending triangle pattern, indicating the resumption of the previous bullish trend. The relative strength index broke above its overbought level at 70, suggesting the extreme upside momentum for the index prices.

Bullish readers could set the support level at 23900, while resistance levels would be located at 25500 and 26700.


Source: GAIN Capital, TradingView
Related tags: Indices Nikkei

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar