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JPN225: High retracement

2023-01-19
556
Fundamental analysis:

The Nikkei 225 Index closed up 631.82 points, or 2.42%, at 26770.50 points on January 18 (Wednesday). The BOJ decided to keep interest rates ultra-low, including a 0.5 percent cap on 10-year government bond yields. Markets had expected the central bank to gradually unwind its massive stimulus program after rising inflationary pressures.

The Nikkei JPN225——4-hour K-line chart shows:



Brief technical analysis:

Looking at the 4-hour chart: the high-level short-term momentum retreats downward, the short-term decline may continue, the market’s short-term sentiment begins to emerge slowly, the MACD indicator is in the long-term zone, and the RSI indicator is hovering in the long-term zone;

Long and short turning point: 26509

Suppression: 26602, 26687
Support: 26380, 26299

Trading strategy: bearish below 26509, target 26380, 26299
Alternative strategy: call above 26509, target 26602, 26687

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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