Nikkei 225 -
Nikkei surged above 38000 on the weak yen. It hit a high of 38655 at the time of writing and is currently trading around 38585.
BOJ kept its rates unchanged at 0.25% as expected and said that the central bank would increase if the economy and prices moved on track.
The index holds below the short-term 34 and above 55 EMA and below long-term moving average (200- EMA) in the 4-hour chart.
The near-term resistance is around 38835, any violation above will take the index to 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 37500/37269/37000/36800—further bearishness is 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 37400 for TP of 39000.
