FxWirePro: Nikkei225 trades higher on weak yen, good to buy on dips
Nikkei continues its winning streak and broke the previous week high of 19319 on account of weaker yen.The index rose almost 1% yesterday and closed at 19362, highest since Mar 21st 2017. BOJ released its minutes of Mar …
Nikkei continues its winning streak and broke the previous week high of 19319 on account of weaker yen.The index rose almost 1% yesterday and closed at 19362, highest since Mar 21st 2017.
BOJ released its minutes of Mar policy and agreed to closely monitor inflation because they lack upward momentum.The central bank mentioned economic recovery is on track but needs to continue with its Quantitative easing.
USD/JPY broken major resistance at 111.50 and jumped till 111.97 at the time of writing. The pair jumped from the low of 108.13 and it should break above 112. It is currently trading around 111.86.
On the lower side ,near term support is around 19240 (21- 4H EMA) and any break below targets 18945 (100-4H EMA)/ 18825 (50% retracement of 18197 and 19456) is possible.
The major resistance is around 19668 (Mar 2nd 2017 high) and any break above will take the index till 20000.
It is good to buy on dips around 19250 with SL around 19000 for the TP of 19665/20000.
