Nikkei continues the rally on strong US retail sales data
The Japanese stock market index, Nikkei share average (Symbol: Nikkei225) climbed, setting the stage for its best weekly performance in over four years. On the charts, chart for Nikkei 225 displays a notable recovery from the low in early August, with the index currently trading near just below a key resistance level. The upward momentum has been supported by the moving averages (EMA 24, 24, 72) beginning to trend upward, suggesting bullish sentiment. The MACD indicator also shows a rising histogram with increasing green bars, indicating strengthening momentum.
Read more to find out why is Nikkei bullish.
Disclaimer:
Traders should remain cautious and exercise risk management, as the market recovery is still fragile and heavily dependent on upcoming economic data. Additionally, traders should keep an eye on the movements of the Japanese yen, as its stabilisation has been a key factor in the recent market rally.
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