FxWirePro: Nikkei225 recovers as political uncertainty eases, good to sell on rallies
Nikkei index shown a massive sell of yesterday on account of combination of weak U.S dollar, U.S equity markets and retreat in oil prices. U.S dollar index broken major support of 98 level and declined till 97.33 lowest …
Nikkei index shown a massive sell of yesterday on account of combination of weak U.S dollar, U.S equity markets and retreat in oil prices.
U.S dollar index broken major support of 98 level and declined till 97.33 lowest level since Nov 2016.The index should broke above 98.60 for further bullishness.
U.S dollar declined sharply against yen yesterday till 110.23 and has shown a minor recovery. The pair minor resistance around 112 and minor jump can be seen only above that level. It is currently trading around 111.43.
On the lower side near term support is around 19159 (200- 4H MA) and any break below will drag the index down till 19000/18880 is possible.
The near term major resistance is around 19634 (4H Kijun-Sen) and any break above will take the index till 20000/20180/20470.
It is good to sell on rallies around 19575-600 with SL around 19800 for the TP of 19145.
