Nikkei is approaching key support at 38.2% Fibonacci retracement. With technical indicators showing room for further bearish momentum, a break below our Pivot will see price open a deeper drop towards 61.8% Fibonacci retracement and 1st support level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.