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The Nikkei 225 has broken to new YTD highs and strategists at Credit Suisse stay bullish for the 32115/20 neighborhood.

Key quotes

“The Nikkei has broken the 28980/900 highs as expected for a resumption of the core uptrend, with next resistance seen at the psychological important 30000 mark and eventually our long-term objective of the 78.6% retracement of the entire fall from 1989 at 32115/20.” 

“If the index breaks the 32115/20 level as well, the market could then actually extend the rally toward its previous all-time high from 1989 at 38960.”

“Support is seen at 28980, then the end of January low at 27630, before the 63-day average, currently at 27185.”