Nikkei 225 Wave Analysis – 9 June 2023

– Nikkei 225 reversed from support level 31600.00

– Likely to rise to resistance level 33635.00

Nikkei 225 index recently reversed up from the pivotal support level 31600.00 (which stopped the previous sharp impulse wave (i) at the end of May).

The support level 31600.00 was strengthened by the two intersecting trendlines of the two daily up channels inside which the price has been moving over the last few weeks.

Given the prevailing daily uptrend, Nikkei 225 index can be expected to rise further toward the next resistance level 33635.00 (target price for the completion of the active impulse wave (v)).