FxWirePro: Nikkei trades higher on strong global cues, good to buy on dips
Asian markets rose sharply and hits 2-1/2 month high on account strong global cues and positive US markets. Euro hits 2- week high and global bond yields has shown a good jump on hopes that ECB would wind up stimulus pro…
Asian markets rose sharply and hits 2-1/2 month high on account strong global cues and positive US markets. Euro hits 2- week high and global bond yields has shown a good jump on hopes that ECB would wind up stimulus program.US 10 –year bond yields is trading firm and rose more than 2% from yesterday’s low and is currently at 2.97%. US markets have closed higher yesterday with Dow Jones 25146 (1.40% higher) and S&P500 2772 (0.86% higher). US futures is trading flat with Dow Jones at 25158 (0.07% higher) and S&P500 2772.80 (0.04% higher).Nikkei is currently trading around 22630 0.53% higher.
USD/JPY has declined slightly after showing a jump till 110.20. The pair should close above 110.17 (200- day MA) for further bullishness. It is currently trading around 109.92.
On the lower side, index major support is around 22578 (20- day MA) and any break below will drag the index down till 22479 (daily Kijun-Sen) /22300 (55- day EMA)/22110 (100- day MA)/21957 (200- day MA).
The near term resistance is around 22850 and any convincing break above will take the index to next level till 23050.
It is good to buy on dips around 22400-425 with SL at 22250 for the TP of 22800/23000.
