Nikkei 225 Wave Analysis – 21 April 2023

• Nikkei 225 reversed from resistance level 28645.00

• Likely to fall to support level 28250.00

Nikkei 225 index recently reversed down from the long-term resistance level 28645.00 (which has been steadily reversing the price from August of 2021).

The resistance level 28645.00 was strengthened by the upper daily Bollinger Band.

Given the strength of the resistance level 28645.00 and the overbought daily Stochastic, Nikkei 225 index can be expected to fall further toward the next support level 28250.00.