FxWirePro: Nikkei hits fresh high on strong global market, good to buy on dips
Nikkei has surged once gain and hits fresh year high on account of strong global cues and weak yen.The index has jumped till declined till 22353 and is currently trading around 22332 0.58% higher. USD/JPY has shown a min…
Nikkei has surged once gain and hits fresh year high on account of strong global cues and weak yen.The index has jumped till declined till 22353 and is currently trading around 22332 0.58% higher.
USD/JPY has shown a minor jump after declining till 112.95. The pair bullish continuation can be seen if it closes above 114.45 (161.8% fibo) level. The pair's major support is around 112.96 (daily Kijun-Sen) and any close below will drag the index till 112.20 (233- day MA)/111.65/111.13. It is currently trading around 113.80.
On the lower side, index major support is around 22097 (hourly Kijun-Sen) and any break below will drag the index down till 21729 (233- H MA)/21400/21200.
The near term resistance is around 22500 and any break above will take the index to next level till 22780/23000.
It is good to buy on dips around 22000 with SL around 21729 for the TP of 22480/22750.
