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