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

Tuesday, October 4, 2016 3:04 AM UTC

Nikkei225 is trading 0.65% higher on account of weaker yen. Japanese index breaks psychological resistance yesterday and is holding well above that level. It is currently trading around 16714.
The index has broken major resistance at 16705 (daily Kijun-Sen) and a slight jump till 16835/17000 is possible.
Technically in the daily chart the index is trading above Kijun-Sen.Any close above Kijun-Sen confirms minor bullishness.
On the higher side, resistance is around 16705 (daily Kijun-Sen) and any break above targets 16835/ 17000/17159.Nikkei should break above 17159 for further bullishness.
The major support is around 16435 (100- day MA) and any break below targets 16260 (38.2% retracement of 14823 and 17159)/16000.

It is good to buy on dips around 16600 with SL 16430 for the TP of 16735/17000

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

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