Consistent to trade and achieve targets for stock indices, the DAX and S&P’s over two and three days completed targets and today is offered the Nikkei 225 from its close at 29562.93.
The Nikkei 225 is the big mover in relation to the DAX an at average of 70 and 140 point moves, the S&P’s at 30 point ranges, Canada’s TSX Composite at 91 points per day, Australia’s ASX 200 at 34 points per day, Nasdaq at 68 points per day, Euro Stoxx 50 at 18 points per day and FTSE 100 at 40 points per day.
Responsible for the Nikkei to move in wide ranges is the factor of Japanese Interest rates to begin with Call Rates, Yen Tibor for onshore and yields. Yen Tibor is the rate to factor Japanese financial instruments in Japan and Euroyen is employed to factor EUR/JPY and financial instruments outside Japan such as Libor.
The bottom at 29415.11 factors as bottoms for Japanese and USD rates however its imperative to trade the Nikkei 225 by Japanese interest rates only as USD rates fails to account correctly for day and 24 hour trades to levels, targets and support and resistance points.
Ranges over last 5 trade days: 219, 228, 581, 224 and 278. A fairly average daily move for the Nikkei is 147 points beginning at 73 points.
Most significant: 29397.23, 29581.40, 29729.55
Bottom. 29415.11. Up target 29733.52
Long 29415.11 to target 29489.02.
Follow by: 29424.34, 29433.58, 29452.06, 29470.53 and 29489.02
Short 29733.52 to target 29648.23
Follow by: 29724.29, 29715.05, 29696.58, 29687.35, 29678.12, 29668.89, 29659.67 and 29650.43.