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FxWirePro-Nikkei 225 Daily Outlook

Nikkei pared some of its gains as the yen recovered. It hit a low of  37990 at the time of writing and is currently trading around 38008.

 

The index holds above short-term 34 and 55 EMA and long-term moving averages (200- EMA) in an 8-hour chart.

 

The near-term resistance is around 38700, any violation above will take the index to  39000/39200/39500/40000—overall bullish continuation only above 42550.

 

On the lower side, immediate support stands around 37800, any breach below will drag the index down to 37500/37200/37000/36800—further bearishness only below 35000.

 

Indicator (4- hour chart)

 

CCI (14)- Bullish

 

CCI (50)- Bullish

 

Average directional movement Index  - Bullish

 

It is good to buy on dips around 38000 with SL around 37500 for TP of 39000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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