- Nikkei is continuing its third week of bullishness after hitting low of 20925. The index showing a good strength on account of yen weakness and slight easing of geopolitical tensions. The yen declined sharply against all majors especially against USD. US markets Dow jones and S&P500 has halted five day losing streak highest since Mar 2017 and shown a good recovery of more than 1% from low on account positive earnings from Boeing . US futures is trading flat with Dow jones at 24111 (0.03% lower) and S&P500 2630 (0.01% higher).It is currently trading around 22331 0.20% higher.
- USD/JPY is continuing its 6th day of bullishness after breaking major resistance 107.80 level. The pair jumped almost more than 150 pips from that level. It hits high of 109.46 and is currently trading around 109.33.
- On the lower side, index major support is around 22218 (55- H EMA) and any break below will drag the index down till 22000/21697 (Apr 13th low).
- The near term resistance is around 22530 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.
It is good to buy on dips around 22000-050 with SL at 21840 for the TP of 22500/22680.
