Charts of the day
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November 15 2013

Commentary by David Fuller

Charts of the day

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Charts for the Nikkei (weekly & daily), Topix (weekly & daily) and TSE2 (weekly & daily) indicate that this medium-term consolidation, triggered by the big downside key day reversals on 23rd May is nearing completion. Unlike the USA, Japan's market is not overextended, trades at approximately half Wall Street's book value and also receives plenty of quantitative easing (QE).

The USD is also firming within its range against the yen (weekly & daily), suggesting that the BoJ may now feel that it can nudge its currency somewhat lower without creating too many protests. Upside breakouts by the three stock market indices above and a softer yen would reaffirm Japan's bull market.

(See also my comment on Wednesday 23rd October 2013.)

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