• Nikkei 225 broke resistance area
• Likely to rise to resistance level 28840.00
Nikkei 225 recently broke the resistance area located between the key resistance level 28250.00 (which has been reversing the price from the end of July), multi-month down channel from February and the 50% Fibonacci correction of the previous downward impulse wave (C) from the middle of June. The breakout of this resistance area accelerated the active short-term impulse waves 1 and (1).
Given the improvement in risk sentiment as seen across the equities markets today – Nikkei 225 index can be expected to rise further toward the next resistance level 28840.00 (top of wave 2 from the start of July).