FxWirePro- Nikkei Daily Outlook

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.