The Nikkei 225 closed at 8605 and has now moved through a range to the downside by more than 25% in the last month.
As the weekly chart suggests, the March 2009 lows in the proximity of 7000 could be tested as the tragedy in Japan unfolds further.
Here is yesterday’s comment again on AUD/JPY.
The large spike downwards on AUD/JPY to 81.45, as seen in earlier trading on the daily chart, violated the base of the long standing cloud formation.
The lines drawn illustrate that this FX pair, having failed at the 84.40 level to regain a foothold above the upward sloping trend line through the lows, is now at risk all of the way down to the 77 level.
EUR/CHF has broken its trendline off the recent historic low.
The daily chart for the S&P 500 futures are approaching the base of the cloud formation which may provide some support around the 1240 level.
Also indicated is a more critical level around 1220.
Clive Corcoran is the publisher of TradeWithForm.com, which provides daily analysis and commentary on the US stock market.
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