The Nikkei 225 rallied after the Bank of Japan raised rates out of negative territory. Meanwhile, the Dow little-changed and the Hang Seng has come under fresh pressure.
It would have required a much more hawkish Bank of Japan decision to unsettle the Nikkei 225.As it was, the move out of negative interest rates had been well-telegraphed. The index continued to rally, maintaining the bounce-off trendline support from January, and heading back towards 40,000.
Further gains target the 6 March high at 40,574, and beyond this, the index will sit at a new record high. It would require a reversal and closeback below trendline support to negate this view.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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