Japan’s Nikkei average futures down -0.4% in early trading

August 28, 2024
-FCHFX

August 28, 2024 at 12:53AM
Japan’s Nikkei futures are trading down -0.4% yearly trading.

US stocks did move higher but only marginally. Yesterday the Nikkei 225 rose 0.47%.

Looking at the daily chart, the price of the Nikkei 225 remains between its 100-day moving average at 38622.25, and its lower 200-day moving average at 37266.66.

The low price reached in early August extended down to 31,156.12 before snapping back to the upside. The closing price at the end of July was 39,101. With the price close yesterday at 38,288, it is still lower on the month but the recovery was impressive.

Recall the move to the downside was off of the so-called liquidation of the carry-trade investors borrow JPY to buy foreign assets. In a single day, the Nikkei fell -12.4% but then snapped back with a gain of 10.23% the very next day.

The Nikkei 225 is opening down -0.2%.

This article was written by Greg Michalowski at www.forexlive.com.

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