FxWirePro: Nikkei trades higher on robust earnings, good to buy on dips
Wednesday, May 3, 2017 2:07 AM UTC
- Nikkei rose six week high on account of weaker yen and robust earnings .The index rose almost 0.8% yesterday and closed at 19452.
- Nikkei edged higher on Tuesday on robust earnings of Shima Seiki ,Yamaha and Pola Orbis holdings.
- USD/JPY broken major resistance at 112 and jumped till 112.30 yesterday. The pair jumped from the low of 108.13 and it should close above 112. It is currently trading around 112.06.
- On the lower side ,near term support is around 19340 (21- 4H EMA) and any break below targets 19000 (100-4H EMA)/ 18847 (50% retracement of 18197 and 19456) is possible.
- The major resistance is around 19668 (Mar 2nd 2017 high) and any break above will take the index till 20000.
It is good to buy on dips around 19350 with SL around 19180 for the TP of 19665/20000.
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