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FxWirePro- Nikkei 225 Daily Outlook

Nikkei trades below 36000 on the strong yen. It hits a high of 36540 yesterday and is currently trading around 35873.

 

Markets await US CPI data to be released today for further movement.

 

The index holds below short term (34 and 55 EMA) and long-term moving average (200- EMA) in the 4-hour chart.

 

The near-term resistance is around 36600, any violation above will take the index to 37147 (50% fib of 39173 and 35150)/ 37500/37695/38000. Overall bullish continuation only above 42550.

 

On the lower side, immediate support stands around 35580, any breach below will drag the index down to 35000/34778.

 

Indicator (4- hour chart)

 

CCI (14)- Bearish

 

CCI (50)- Bullish

 

Average directional movement Index - Neutral

 

 

It is good to sell on rallies around 36580-600 with SL around 37100 for TP of 35000.

 

 

 

 

 

 

 

 

 

 

 

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