Nikkei 225 Wave Analysis – 20 January, 2023

• Nikkei 225 broke resistance level 26500.00

• Likely to rise to resistance level 27000.00

Nikkei 225 index continues to rise after the earlier breakout of the resistance level 26500.00 (which stopped the previous waves 4 and (1)).

The breakout of the resistance level 26500.00 coincided with the breakout of the 38.2% Fibonacci correction of the previous downward impulse from December.

Nikkei 225 index can be expected to rise further toward the next resistance level 27000.00 (former monthly low from November).