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Nikkei: Capped back down

2023-08-29
421
Fundamental analysis:

On Tuesday (August 29), it closed up 32.50 points, or 0.10%, to 32230.00 points. Although inflation in Japan is already above the central bank's 2 percent target, the Cabinet Office's latest annual economic white paper said the risk of a resurgence of deflation cannot yet be ruled out. The BOJ may not again take the risk of acting prematurely.

JPN225 four-hour chart



Brief technical analysis:

Looking at the 4-hour chart, the Nikkei Index is still blocked below 32300, the MACD volume can hover around the zero axis, and the market has entered a wide range of consolidation. The resistance is around 32300, and the support is around 31600.

Resistance level: 32300 36000
Support level: 32000 31600

Main strategy: call above 32000, target 32300 32600
Alternative strategy: bearish below 32000, target 31600 31300

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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