FxWirePro: Nikkei hits 21- year high on strong global equities , good to buy on dips
Nikkei trading extremely bullish and has closed at 21- year high on strong global equities and on positive snap election poll result. Japan PM Abe may keep two -third majority in Japan election according to polls survey.…
Nikkei trading extremely bullish and has closed at 21- year high on strong global equities and on positive snap election poll result. Japan PM Abe may keep two -third majority in Japan election according to polls survey. The index has broken the high of 21030 made yesterday and jumped till 21210.Nikkei has formed a temporary bottom around 20200 and is currently trading around 21156 0.84% higher.
USD/JPY has declined once again after showing a jump till 112.52. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The major support is around 112 and any close below will drag the index till 111.11 (100- day MA). It is currently trading around 112.40.
On the lower side, index major support is around 20691 (10- day MA) and any break below will drag the index down till 20487 (20- day MA)/20200/20000.
The near term resistance is around 21300 and any break above will take the index to next level till 21490/21780.
It is good to buy on dips around 20800 with SL around 20600 for the TP of 21580/21780.
