FxWirePro: Nikkei trades lower on strong yen, good to sell on rallies
Nikkei has shown a minor decline of almost 500 points from temporary top around 24187. The major reason for slight decline was due to huge sell off in USD/JPY pair. US Dow and S&P 500 hits record high at 26699 and 2876 r…
Nikkei has shown a minor decline of almost 500 points from temporary top around 24187. The major reason for slight decline was due to huge sell off in USD/JPY pair. US Dow and S&P 500 hits record high at 26699 and 2876 respectively. It is currently trading around 23656 0.40% lower.
USD/JPY has declined almost 130 pips on Jan 26th 2018 from the intraday high of 109.59. The pair dipped till 108.28. It is currently trading around 108.77. The near term resistance is around 109.60 and any break above will take the pair to next level till 110/110.35.
On the lower side, index major support is around 23600 and any break below will drag the index down till 23200/23000.
The near term resistance is around 23800 (100- 4H MA) and any break above will take the index to next level till 24000/24200.
It is good to sell on rallies around 23750-800 with SL at 24000 for the TP of 24500/24225.
