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JPN225: wide shock
2023-05-12
882
Fundamental analysis:
The Nikkei 225 Index closed down 0.18 points, or 0.00%, at 29122.00 points on May 11 (Thursday). Bank of Japan policymakers discussed the country's progress towards its inflation target and the pace at which they might scale back stimulus at their first meeting under new Governor Kazuo Ueda, according to a summary of comments from the Bank of Japan's April policy meeting.
The Nikkei JPN225——4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: short-term highs and wide fluctuations, market bullishness began to emerge slowly, short-term bulls showed signs of shocks moving upwards, MACD index was weakly finishing above the 0 axis, and RSI index was weakly hovering above the 50 balance line;
Resistance: 29184 29260
Support level: 29002 28934
Trading strategy: Bullish above 29076, target 29184 29260
Alternative strategy: bearish below 29076, target 29002 28934
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