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Nikkei Price Action Supports Upside Breakout

Published 08/11/2015, 02:23 AM
Updated 05/14/2017, 06:45 AM

Nikkei 225 – Building For An Upside Breakout

Minus the spike low on July 7/8, the Nikkei 225 has remained above the key support at 20045 with the Japanese index building a higher base for the last two weeks straight.

This upside pressure in the price action suggests a pre-breakout scenario. Currently the index is testing key resistance just below 21000.

A weaker pullback from here, perhaps towards 20500, followed by another impulsive thrust higher would suggest a breakout is likely near term.

Upside the next target is 21230 and then 21625 so a fair amount of upside near term.

Nikkei 225 4-Hour Chart

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