JPN225: short-term arrangement

Fundamental analysis:

The Nikkei 225 Index closed down 14.42 points, or 0.05%, at 27664.50 on November 2 (Wednesday). The Tokyo Stock Exchange Cultural Festival is closed for one day. According to the minutes of the Bank of Japan's September meeting, policymakers noticed the increasing inflationary pressure. Kuroda said that interest rates would remain low "within two to three years". This statement led to a sharp drop in the yen, which later prompted the government to intervene to support the local currency.

Nikkei index JPN225 - 4-hour K line chart shows:

Technical analysis:

The 4-hour chart shows that the power of high short positions began to settle after a sharp decline. The power of market short positions weakened, but they were still in a weak position. The MACD index hovered under the 0 axis, and the RSI index was collated under the 50 equilibrium line;

Multi empty turning point: 27304

Pressing: 27392, 27476

Support: 27190, 27103

Trading strategy: 27304 lower bearish, target 27190, 27103

Alternative strategy: bullish above 27304, target 27392, 27476