Japan’s Nikkei futures up 0.49%

Japan’s Nikkei futures are off to a good start with a gain of 0.49%. Yesterday the Nikkei 225 index rose 305 points or 0.80%.

Looking at the Nikkei 225 daily chart, the price has been waffling back and forth between 37,713 and 39,800 since September 20. The 100-day moving averages at 38,293.11. The 200-day moving average is at 38,646. The price closed yesterday between those two moving averages at 38,512.95.

Although the price has traded above and below those moving averages going back to September 20, getting above the 200-day moving average would be a tilts more to the upside from a technical perspective (if the price can stay above).

OPEN: The Nikkei 225 opens up 0.6% and is trading at 38,845 . That takes the price above its 200 day moving average at 38,646. More bullish.

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