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Nikkei gained sharply after forming a minor bottom around suspected yen intervention. It hit an intraday low of 60431 and is currently trading around 67419.
The Nikkei 225 climbed nearly 9% in the last two weeks, reaching 66,970 as of Aug. 10 from 61,434 on July 29, primarily driven by a strong rebound in tech and semiconductors, including Advantest, Tokyo Electron, Fujikura, and Recruit Holdings. The move was inspired by robust demand for AI, improving profitability for U.S. tech companies, weaker-than-expected U.S. employment data, and a weaker yen.
Japan’s 10-year JGB yield jumped to 2.82-2.84% from 2.75%, with concerns about Prime Minister Sanae Takaichi’s fiscal plans, rising inflation, higher government spending, and the BOJ’s potential policy tightening weighing on the bond market.
|
Technicals |
CMP -67333 |
Trend |
|
|
4- Hour chart |
Value |
|
|
|
55 EMA |
65699 |
CMP>value |
Bullish |
|
200- EMA |
65870 |
CMP >value |
Bullish |
|
365- EMA |
65332 |
CMP>value |
Bullish |
|
61984 |
CMP>Value |
Bullish |
Near-term resistance - 67600/68000/68790/70000. Near-term support- 66000/65000/64630/63000
|
Momentum indicator |
Inference |
Value |
|
CCI(50) |
Neutral |
|
|
ADX |
Neutral |
|
It is good to buy above 65300, with an SL around 64000, for a TP of 67500.
