Nikkei: high down

Fundamental analysis:

The Nikkei 225 index closed up 110.50 points, or 0.40%, at 27913.50 points on Friday, July 22. The Japanese government plans to reduce its economic growth forecast for fiscal 2022 to about 2% from 3.2% in January, taking into account the increased global economic uncertainty caused by factors such as the conflict between Russia and Ukraine and the COVID-19 control measures. The Japanese government is also worried about the slowdown in consumption caused by rising prices and the resurgence of the COVID-19.

Nikkei index jpn225 - 4-hour K-line chart shows:

Technical analysis:

According to the 4-hour chart, the bull power remained volatile and the upward trend continued, the high level retreated in the short term when it was blocked, the short power waited for the opportunity to enter and go down, the MACD index was in the high position of the bull region and slowly moved down, and the RSI index was in the weak position of the bull region;

Long short turning point: 27693

Pressing position: 27847, 27972

Support position: 27488, 27349

Trading strategy: 27693 bearish below, target 27488, 27349

Alternative strategy: 27693 bullish above, target 27847, 27972