FxWirePro: Nikkei Daily Outlook

• Nikkei has shown a minor recovery after hitting low of 23552 on Jan 10th 2018. The major reason for recovery was due to slight weakness in yen and strong global markets. US Dow, S&P 500 and NASDAQ finish records as government shutdown ends. It is currently trading around 24102 0.64% higher.
    
• BOJ has kept its monetary policy unchanged and did not announce any changes to their GDP and inflation outlook. Yen gained by 40 pips after BOJ policy announcement. The pair should close below 110 for further weakness. The near term resistance is around 111.25 (trend line resistance) and any break above will take the pair to next level till 111.80/112. Any daily close below 110 will take the pair to next level till 108. 
   
• On the lower side, index major support is around 23798 (233- H MA) and any break below will drag the index down till 23500/23200.
   
• The near term resistance is around 24200 and any break above will take the index to next level till 24280/24480.

It is good to buy on dips around 23650 with SL at 23400 for the TP of 24000/24280.