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FxWirePro: Nikkei trades higher on weaker yen, good to buy on dips

Minor Support - 17750 (100-H MA).

•Nikkei225  trades higher on account of weaker yen and breaks major psychological resistance at 18000 on account of weaker yen. The index has made a high of 18107 and is currently trading at 18027 0.40% lower.

•Technically index is slightly bullish as long as support 17470 (200- HMA) holds.

•On the higher side, major resistance is around 18300 and any break above targets 18500/18800 in the short term.

•The index immediate support is at 17750 (100- H MA) and any break below will drag the index down till 17470 (200- HMA)/17200 in the short term.

•The index should break below 16800 for further weakness.

 It is good to buy on dips around 17700-750  with SL 17470 for the TP of 18300/18500.

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