Nikkei continues its winning streak for second continuous week on weaker yen and strong global markets. The index has broken psychological resistance at 22000 and is currently trading around 22006 0.2% lower. USD/JPY has…
Nikkei continues its winning streak for second continuous week on weaker yen and strong global markets. The index has broken psychological resistance at 22000 and is currently trading around 22006 0.2% lower.
USD/JPY has shown a minor dip after hitting high of 114.45 yesterday. The pair bullish continuation can be seen if it closes above 115 level. The pair's major support is around 112.30 (233- day MA) and any close below will drag the index till 111.65/111.13. It is currently trading around 113.54.
On the lower side, index major support is around 21719 (7- day MA) and any break below will drag the index down till 21400/21280 (23.6% retracement of 19250 and 21929 )/21000.
The near term resistance is around 22000 and any break above will take the index to next level till 22250/22480.
It is good to buy on dips around 21650-21700 with SL around 21400 for the TP of 22000/22480.
