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FxWirePro: Nikkei hits 25 years high, good to buy on dips

Wednesday, November 8, 2017 3:34 AM UTC

Nikkei continuing its winning streak and hits highest level since 1992 at 22999 on account of strong corporate earnings and weak yen. Japanese company has posted a 17% pre tax profits for year ending Mar 2018 compared to forecast of 16.7%. It is currently trading around 22846 0.03% lower.
USD/JPY has shown a decline once again showing jump above 114.452.The pair bullish continuation can be seen if it closes above 114.45 (161.8% fibo) level. The pair's major support is around 113.05 (daily Kijun-Sen) and any close below will take the pair till 112.30 (233- day MA)/111.65/111.13. It is currently trading around 113.86.
On the lower side, index major support is around 22709 (55- H EMA) and any break below will drag the index down till 22615 (89- H MA)/22255.
The near term resistance is around 23000 and any break above will take the index to next level till 23280/23500.

It is good to buy on dips around 22500 with SL around 22250 for the TP of 23000/23280.

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FxWirePro: Nikkei hits 25 years high, good to buy on dips

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