- Nikkei recovered more than 1.5% from yesterday’s low of 22090 on account of slight recovery in US markets. US markets closed slightly lower yesterday after massive recovery of more than 1.5% with Dow jones 23930 (0.02% higher) and S&P500 2629 (0.23% lower). US futures is trading slightly negative with Dow jones at 23928 (0.11% lower) and S&P500 2626 (0.14% lower). It is currently trading around 22316 0.02% higher.
- USD/JPY declined more than 100 pips after hitting high of 109.99. Any close below 108.70 confirms minor weakness and a decline till 108/107.80 likely. Market eyes major US non-farm payroll data for further direction.
- On the lower side, index major support is around 22300 (100- day MA) and any break below will drag the index down till 22060 (20- day MA)/21697 (Apr 13th low).
- The near term resistance is around 22620 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 21800 for the TP of 22500/22680.
