FxWirePro: Nikkei trades higher on weak yen, good to buy on dips
Nikkei trading extremely bullish and hits fresh 2- year high after breaking high of 20965. The index jumped till 20995 and prices are supported by weak yen and strong global indices. Nikkei has formed a temporary bottom …
Nikkei trading extremely bullish and hits fresh 2- year high after breaking high of 20965. The index jumped till 20995 and prices are supported by weak yen and strong global indices. Nikkei has formed a temporary bottom around 20200 and is currently trading around 20995 0.26% higher.
USD/JPY has recoverd slightly after hitting low of 112.22. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The major support is around 112.25 (233- day MA) and any close below will drag the index till 111.11 (100- day MA). It is currently trading around 112.40.
On the lower side, index major support is around 20625 (10- day MA) and any break below will drag the index down till 20400 (23.6% retracement of 19144 and 20786)/20200/20000.
The near term resistance is around 21000 and any break above will take the index to next level till 21250/21580.
It is good to buy on dips around 20625 with SL around 20400 for the TP of 21000/21580.
