FxWirePro: Nikkei trades near 2- year high, jump till 20470 likely
Nikkei has broken the previous top formed around 20220 on Jun 2nd 2017 and nears 2- year high on account of weak yen. The index jumped till 20219 at the time of writing. It is currently trading around 20289 0.68% higher.…
Nikkei has broken the previous top formed around 20220 on Jun 2nd 2017 and nears 2- year high on account of weak yen. The index jumped till 20219 at the time of writing. It is currently trading around 20289 0.68% higher.
USD trades higher against JPY yesterday after hawkish comment from Fed official Dudley. The pair has broken major resistance of 111.25 (55 EMA) and is currt;y trading around 111.70.
On the lower side, near term support is around 20130 (Hourly Kijun-sen) and any break below will drag the index down till 19950 (200- HMA)/19740 Jun 15th 2017 low).
The near term resistance of Nikkei is around 20477 (161.8% retracement of 20019 and 19277) and break above will take the index to recent high of 20530 (161.8% retracement of 20220 and 19744)/20649 (161.8% retracement of 19698 and 18193).
Short term bullish invalidation only below 19275
It is good to buy on dips around 20000 with SL around 19740 for the TP of 20470/20650.
