FxWirePro: Nikkei trades lower on tech shares sell off in Wall-Street, good to buy on dips
Nikkei is trading slightly lower following footsteps of US markets. The index declined more than 1% from the recent high of 22351. US markets Dow jones and S&P500 has closed marginally weaker around 0.80%. US futures rec…
Nikkei is trading slightly lower following footsteps of US markets. The index declined more than 1% from the recent high of 22351. US markets Dow jones and S&P500 has closed marginally weaker around 0.80%. US futures recovered marginally from yesterday’s low and is trading with Dow jones at 24536 (0.28%) and S&P500 2679 (0.28% higher).It is currently trading around 22062 0.05% higher.
USD/JPY is trading slightly positive and well above 55- day EMA. It has also broken major resistance at 107.78 and jumped till 107.88. It is currently trading around 107.78.
On the lower side, index major support is around 22140 (20- 4H MA) and any break below will drag the index down till 21930 (55- 4H EMA)/21550 (200- 4H MA).
The near term resistance is around 22530 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.
It is good to buy on dips around 21700-725 with SL at 21490 for the TP of 22500.
