Nikkei update March 2, 2015

NIKKEI on a fresh 15-year high on weaker JPY (helping exports) and China’s interest rate cut (lifting risk appetite). The short-term trend is up as long as NIKKEI trades higher than 18.500. Dips should be bought, but the impressive non-stop rise from the January low (16.600) has created overbought market conditions. A retest of the resistance-turned-support @ 18.300 that dates back to the year 2007 is likely and would be healthy for this market. 19.000 is the major upside target for the bulls.

NIKKEI monthly chart:

Japan NI225(Monthly)20150302163411

Chart courtesy of

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