FxWirePro: Nikkei225 trades higher on weak yen, good to buy on dips
Minor Support - 17800 (Resistance turned into support). Nikkei225 jumped sharply till 17900 on account of weak yen and slightly declined from that level.The index is still holding above 17500 and is currently trading at …
Minor Support - 17800 (Resistance turned into support).
Nikkei225 jumped sharply till 17900 on account of weak yen and slightly declined from that level.The index is still holding above 17500 and is currently trading at 17885 0.07% lower.
Technically index is slightly bullish as long as support 17265 (200- HMA) holds.
On the higher side, major resistance is around 18000 and any close above targets 18300.
The index immediate support is at 17500 (100- H MA) and any break below will drag the index down till 17260 (200- H MA)/16800 in the short term.
The index should break below 16800 for further weakness.
It is good to buy on dips around 17700 with SL 17200 for the TP of 17800/18000.
