Nikkei continuing its winning streak and hits fresh 21- year high at 22786 on account of strong global equity markets and weak yen. the jump in index was mainly due to rise in shares of mining sector and clothing company…
Nikkei continuing its winning streak and hits fresh 21- year high at 22786 on account of strong global equity markets and weak yen. the jump in index was mainly due to rise in shares of mining sector and clothing company Fast retailing and is currently trading around 22759 0.87% higher.
USD/JPY has shown a decline once again showing jump above 114.452.The pair bullish continuation can be seen if it closes above 114.45 (161.8% fibo) level. The pair's major support is around 113.05 (daily Kijun-Sen) and any close below will take the pair till 112.30 (233- day MA)/111.65/111.13. It is currently trading around 113.86.
On the lower side, index major support is around 22549 (55- H EMA) and any break below will drag the index down till 22480 (89- H MA)/22000.
The near term resistance is around 22800 and any break above will take the index to next level till 23000/23280.
It is good to buy on dips around 22000 with SL around 21729 for the TP of 22480/22750.
