FxWirePro: Nikkei225 trades lower on weak global markets, good to sell on rallies
Nikkei declined slightly after hitting 25- year high at 23423 on account of weak global stock market and strong yen. The index has jumped almost 10% since Oct 23rd after Abe land slide victory . It is currently trading a…
Nikkei declined slightly after hitting 25- year high at 23423 on account of weak global stock market and strong yen. The index has jumped almost 10% since Oct 23rd after Abe land slide victory . It is currently trading around 22561 0.35% lower.
USD/JPY has shown a minor jump after hitting low of 113.09. The pair bullish continuation can be seen if it closes above 114.45 (161.8% fibo) level. The pair's major support is around 112.95 (Oct 31st 2017 low) and any close below will take the pair till 112.25 (233- day MA)/111.65/111.13. It is currently trading around 114.02.
On the lower side, index major support is around 22260 (89 hourly EMA) and any break below will drag the index down till 22000/21840.
The near term resistance is around 23500 and any break above will take the index to next level till 24000/24280.
It is good to sell on rallies around 22750-22800 with SL around 23000 for the TP of 22260/22000.
