Nikkei 225 : Possible gap closure move this week

Struggling in the face of a strengthening Yen let alone all the other problems in Japan, the Nikkei looks as if it will close the day chart gap back to 9275, with 9491 seen as the key support and breakdown point to monitor in coming days.
Trade View
• A spot of intervention by the JCB will be most welcome by equity traders, but we fear they will have to suffer first – with the risk of a retracement to or very near the March 8 day chart gap at 9275 looking increasingly likely.
• There is strong resistance at 9820, and unless the Yen suddenly weakens early this week we do not see this level being taken out just yet.

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