Japan’s Nikkei opens up 1%

On Friday, the price gapped higher and continued to run higher closing above its 200 hour moving average for the first time since January 18. The 38.2% retracement of the move down from the September 2021 high comes in at 27017.30. That would be the next upside target on further upside momentum. Get above and it opens the door for further upside momentum.

Conversely, a move back below the 200 hour moving average would disappoint the traders looking for the break and run.