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Nikkei Blasts Past 67K: AI Chip Frenzy Ignites 9% Surge From Yen Intervention Bottom
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Nikkei gained sharply after forming a minor bottom around suspected yen intervention.
It hit an intraday low of 60431 and is currently trading around 67419.
The move was inspired by robust demand for AI, improving profitability for U.S. tech companies, weaker-than-expected U.S. employment data, and a weaker yen.
Technicals CMP -67333 Trend 4- Hour chart Value 55 EMA 65699 CMP>value Bullish 200- EMA 65870 CMP >value Bullish 365- EMA 65332 CMP>value Bullish EMA 61984 CMP>Value BullishNear-term resistance - 67600/68000/68790/70000.
Near-term support- 66000/65000/64630/63000Momentum indicator Inference Value CCI(50) Neutral ADX NeutralIt is good to buy above 65300, with an SL around 64000, for a TP of 67500.