- Nikkei is consolidating in narrow range after forming a bottom around 23303. The index till 23488 and started to show a dip till 23108. Nikkei slight upside was supported by declining yen. The huge rise in U.S 10 year bond yields will prevent Asian market for further jump. It is currently trading around 23308 0.09% higher.
- US dollar is still trading weak against Euro due to positive economic data from Euro zone. US initial jobless claims dropped 1K to 320k in the week ended. Market waits US non-farm payroll data for further direction. US economy is expected to add 181000 jobs for the month of Feb compared to previous 148000. Any better than expected data will halt the Euro rally.
- USD/JPY has shown almost 150 pips jump from the low of 108.28. It is currently trading around 109.67. The pair is slightly above 109.60 and a jump till 110/110.40 likely
- On the lower side, index major support is around 23000 and any break below will drag the index down till 22655 (61.8% fib)/22500.
- The near term resistance is around 23523 (38.2% fib) and any break above will take the index to next level till 23682 (100- 4H MA/24000.
It is good to sell on rallies around 23350-400 with SL at 23610 for the TP of 23000/22655.
