Top 5 Technical Developments for 2012 - Number 5 - Nikkei Hits 52-week High as Yen Reverses 5 Year Uptrend

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

The Nikkei 225 ($NIKK) came to life over the last two months and surged above its March high with a massive surge. Notice that the index held above its 2009 lows and also broke channel resistance in the process. This move opens the door to the next resistance zone in the 13000 area. Weakness in the Yen is helping the export driven Nikkei immensely. Notice that the Yen Index ($XJY) broke support at 120 to reverse a five year uptrend. A weakening Yen makes Japanese exports more competitive and Japanese exporters more profitable. 2013 could be the year of the rising sun.

121228nikk


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Arthur Hill
About The Author:

Arthur is the Chief Technical Strategist at TrendInvestorPro. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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