JP225 trades at 29,627 level at the time of writing being located within a minor range. The index moves sideways trying to find a new direction. The price is trading in the red but the outlook remains bullish.
Nikkei has developed a major triangle that could bring great opportunities to the pairs that have the Japanese Yen as a component. JP225’s further growth should force the Yen to decrease versus its rivals.
On the other hand, the index’s drop could help the Japanese currency to appreciate versus the other major currencies.
Nikkei is trapped between the weekly pivot of 29,921 and S1 (29,554). A valid breakout from this rage could bring a clear direction in the short term.
The false breakdown through the uptrend line signaled that the bias remains bullish. The immediate resistance is seen at the 150% Fibonacci line. Escaping from this major chart pattern brings great opportunities in the short to medium term.
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