FxWirePro: Nikkei declines slightly on trade war fears, good to buy on dips
Nikkei has pared its gain after showing a minor jump till 21967. Markets still confused about trade war worries happening between US and China. Shares of Hong Kong and China has shown a good jump after Chines President e…
Nikkei has pared its gain after showing a minor jump till 21967. Markets still confused about trade war worries happening between US and China. Shares of Hong Kong and China has shown a good jump after Chines President eased tariff to open the economy. The index hits low of 21702 and is currently trading around 21732.
US dollar index declines sharply yesterday amid slightly better than expected US PPI data Markets eyes US CPI data and Fed minutes meeting to be released this week for further direction.
USD/JPY has shown a minor 75 pips recovery after taking support near 10- day MA. It is currently trading around 107.08. The pair should break above 107.50 (55- day EMA) for minor jump till 108/108.50.
On the lower side, index major support is around 21530 (55- H EMA) and any break below will drag the index down till 21320 (100- H MA)/21000.
The near term resistance is around 22000 and any break above will take the index to next level till 22200/22420.
It is good to buy on dips around 21400-450 with SL at 21180 for the TP of 21800/22000.
