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JPN225: High retracement
2023-05-30
756
Fundamental analysis:
The Nikkei 225 Index closed up 319.69 points, or 1.03%, at 31236.00 points on May 29 (Monday). The Bank of Japan released its financial report for fiscal year 2022. The Bank of Japan's net income as of the end of March was 2.09 trillion yen. The Bank of Japan will inject 1.98 trillion yen into the treasury. The Bank of Japan's capital adequacy ratio was 9.81 percent, compared with 9.29 percent in the previous year.
The Nikkei JPN225——4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum remains volatile and rising, the high level is short-term resistance and retracement, the market bearish sentiment emerges, and there are signs of continuing to move down in the short term, the MACD indicator is in the bullish area to maintain consolidation, and the RSI indicator is hovering weakly on the side of the 50 balance line;
Resistance level: 31519 31665
Support level: 31112 30964
Trading strategy: bearish below 31368, target 31519 31665
Alternative strategy: call above 31368, target 31112 30964
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