Last quote by Yutaka Miura
Yutaka Miura quotes
There are few investors who want to chase the market higher until they see more news from overseas especially regarding a U.S. rate hike.
Resistance for the Nikkei lies around 17,000 today, and it is foreign exchange that largely determines whether or not it would be broken.
The market is more nervous about the BOJ than the Fed as it may give a surprise.
U.S. stocks fell, and that is biggest reason why the Nikkei is down today.
With U.S. stocks lower and no fresh catalysts to buy, trading was subdued anyway, but the North Korea news has made investors stay on the sidelines even more.
There is a chance that the 100-yen level will be broken again, which would put pressure on the Nikkei.
If said yen appreciates and breaks 100 against the dollar, then that would set up the Nikkei for a test of 16,000.
I'd say there's probably a great chance of the Nikkei testing the upside of its range.