Japan Stocks Bounce Off Lows
Some of the leading Japanese ADR's have bounced sharply off the intra-day session lows this morning. Often when the trading volume lightens up the major stock market indexes in the United States will trade higher.
This morning the iShares MSCI Japan Index(NYSE:EWJ) traded as low as $9.11 a share at the open. Since that time the EWJ has rallied higher and is now trading at $9.71 a share which is the intra-day high. Short term traders must watch the $10.00 area as the next intra-day resistance level.
Sony Corp.(NYSE:SNE) pierced the $29.00 level this morning and bounced sharply higher. Sony stock is trading around the $30.25 level at 10:43 am EST. Short term traders must watch the $31.00 level as the next important intra-day resistance area.
Toyota Motors Corp.(NYSE:TM) has also bounced this morning off of the opening low which was $77.36 a share. The leading auto manufacturer stock is now trading around the $79.30 level. TM stock will have intra-day resistance around the $80.00 area. Should TM stock trade above that level the next important intra-day resistance will be around $81.85.