FxWirePro: Nikkei225 trades weak on strong yen, good to sell on rallies
Nikkei has showing weakness after hitting 25 year high at 23525. the index is trading slightly weak on account of slight bullishness in yen and weak global markets. Nikkei hits low of 22131 and is currently trading aroun…
Nikkei has showing weakness after hitting 25 year high at 23525. the index is trading slightly weak on account of slight bullishness in yen and weak global markets. Nikkei hits low of 22131 and is currently trading around 22168 0.57% lower.
USD/JPY is consolidating in narrow range between 113.09 and 114.73 for the past one week. The pair bullish continuation can be seen if it closes above 114.45 (161.8% fibo) level. On the lower side, major support is around 112.95 (Oct 31st 2017 low) and any close below will take the pair till 112.25 (233- day MA)/111.68 (100- day MA)/111.13. It is currently trading around 113.65.
On the lower side, index major support is around 22080 (20- 4H MA) and any break below will drag the index down till 22000/21840.
The near term resistance is around 22800 and any break above will take the index to next level till 23000/23200/23480.
It is good to sell on rallies around 22300-350 with SL around 22600 for the TP of 21840.
