Nikkei is consolidating in narrow range after hitting high of 22636 on account of holiday in Japan. US markets pared early losses and gained almost 1.29% from the low and closed at Dow jones 24099 (0.27% lower) and S&P50…
Nikkei is consolidating in narrow range after hitting high of 22636 on account of holiday in Japan. US markets pared early losses and gained almost 1.29% from the low and closed at Dow jones 24099 (0.27% lower) and S&P500 2654 (0.25% higher). US futures is trading slightly positive with Dow jones at 24200 (0.17% higher) and S&P500 2649 (0.18% lower).It is currently trading around 22516 0.37% higher.
USD/JPY is trading higher after breaking high of 109.53 yesterday and jumped till 109.91. Any break above 110 confirms further bullishness and a jump till 110.45 likely.
On the lower side, index major support is around 22320 (100- day MA) and any break below will drag the index down till 22000 (20- day MA)/21697 (Apr 13th low).
The near term resistance is around 22620 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.
It is good to buy on dips around 22150-200 with SL at 21920 for the TP of 22500/22680.
