FxWirePro: Nikkei recovers more than 1% on account of weak yen, good to buy on dips
Nikkei recovered more than 1% from yesterday low on account of weak yen. The yen declined sharply against all majors on easing geo political tensions. US markets Dow jones and S&P500 has closed flat around 0.01%. US futu…
Nikkei recovered more than 1% from yesterday low on account of weak yen. The yen declined sharply against all majors on easing geo political tensions. US markets Dow jones and S&P500 has closed flat around 0.01%. US futures also continuing its range bound trade and is trading with Dow jones at 24503 (0.2% higher) and S&P500 2672 (0.04% higher).It is currently trading around 22272 0.41% higher.
USD/JPY is trading extremely bullish and jumped more than 100 pips in past two trading session. It is currently trading around 108.76.
On the lower side, index major support is around 22140 (55- H EMA) and any break below will drag the index down till 21950 (200- H MA)/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 21700-725 with SL at 21490 for the TP of 22500.
