FxWirePro: Nikkei trades higher, good to buy on dips
Nikkei index shown a recovery from the low of 19277 made on MAY 18th 2017 on account of rising crude oil prices and slightly weaker yen. The index is trading around 19646 0.17% lower. U.S dollar index hits six month low …
Nikkei index shown a recovery from the low of 19277 made on MAY 18th 2017 on account of rising crude oil prices and slightly weaker yen. The index is trading around 19646 0.17% lower.
U.S dollar index hits six month low on Friday at 97.09 and shown a mild jump from that level.The index should broke above 98.60 for further bullishness.
U.S dollar formed a minor bottom at 110.23 and jumped slightly from that level. The pair minor resistance around 112 and minor jump can be seen only above that level. It is currently trading around 111.51.
On the lower side near term support is around 19525 (21 EMA) and any break below will drag the index down till 19285/19106 (daily kijun-sen) is possible.
The near term major resistance is around 20000 and any break above will take the index till 20180/20470.
It is good to buy on dips around 19500 with SL around 19200 for the TP of 20000/20180.
