Nikkei 225 -
Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $37949
Kijun-Sen- $37786
Nikkei gained momentum after the FOMC meeting minutes. It hit a high of 38408 and is currently trading around 38190. The index holds above short-term (21 and 55 EMA) and long-term moving average (200- EMA) in the 4-hour chart.
FOMC meeting minutes revealed that the “vast majority” of members indicated a rate cut “at the next meeting”.
The near-term resistance is around 38500, any violation above will take the index to 39000/39335. Overall bullish continuation only above 42550.
On the lower side, immediate support stands around 37800, any breach below will drag the index down to 37200/37100.
It is good to buy on dips 37500-525 with SL around 37200 for a TP of 38500/39335.
