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Nikkei: Bullish on dips

2023-08-31
606
Fundamental analysis:

On Wednesday (August 30), it closed up 122.50 points, or 0.38%, to 32352.50 points. Naoki Tamura, the Bank of Japan's leading advocate for withdrawing monetary stimulus, said the Bank of Japan may achieve its long-sought target of an inflation rate of 2% early next year, which could pave the way for an interest rate hike.

JPN225 four-hour chart



Brief technical analysis:

Looking at the 4-hour chart, the Nikkei Index's rise is blocked by the 32,500 line. The MACD volume can remain even on the zero axis. The resistance continues to focus on around 32,500, and the support focuses on around 32,160.

Resistance level: 32500 32800
Support level: 32160 31800

Main strategy: bullish above 32160, target 32500 32800
Alternative strategy: bearish below 32160, target 31800 31500

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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