Nikkei is continuing its winning streak for 11th consecutive days due to stable yen and on expectations that ruling bloc will win elections later this month.The index has has made a 21- year high at 21391 and is currentl…
Nikkei is continuing its winning streak for 11th consecutive days due to stable yen and on expectations that ruling bloc will win elections later this month.The index has has made a 21- year high at 21391 and is currently trading at 21366 0.02% higher.
USD/JPY has shown a minor recovery till 112.47 from the low of 111.65. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The pair's major support is around 111.12 (100- day MA) and any close below will drag the index till 110/108. It is currently trading around 111.97.
On the lower side, index major support is around 20935 (10- day MA) and any break below will drag the index down till 20667 (20- day MA)/20200/20000.
The near term resistance is around 21400 and any break above will take the index to next level till 21600/21780.
It is good to buy on dips around 20800 with SL around 20600 for the TP of 21580/21780.
