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Between this image and the parent image, it's shown that she has no nipples. Her arm and hand are covering an area that was exposed when she was wearing a bra.
Probably best not to apply too much logic to it. You're technically correct, but it's the Wild West out here when it comes to anime titties.
Anime-Magic ~
for once i'm sad the random tagging didn't happen nor misspell her name with an L :|