The Nikkei 225 maintained a bullish momentum yesterday, bottomed at the 14230 levels, and topped at the 14670 levels. This development leaves the index targeting the 14840 levels where a breach will turn the focus on the 15050 levels, further upside will aim the 15270 levels.
On the downside, support comes at the 14485 levels ahead of the 14230 levels (main), losing this level on a daily closing basis, would weaken the current bullish for retesting the 14040 levels before the next possible rise….
In all, as long as support 14230 holds on a daily closing basis, the Japanese index will remain biased to the upside towards the 14840 levels ahead of the 15050 levels. Note that stability – clear break – above the 14670 levels will pave the way towards the 14840/15050 levels. If seen, 14670 would serve as strong support….