Ichimoku Analysis (4 Hour chart)
Tenken-Sen- $38172
Kijun-Sen- $37916
Nikkei trading flat ahead of Jackson Hole symposium. It hit a low of 38051 at the time of writing and is currently trading around 38236. The index holds above short-term (21 and 55 EMA) and long-term moving average (200- EMA) in 4-hour chart.
The Japanese yen gained momentum after hawkish comments from BOJ Governor. Bank of Japan Governor hinted that the central bank is willing to hike rates if economic growth is good and inflation is under control.
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.
