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FxWirePro:Nikkei hits fresh six month high, good to buy on dips

Friday, October 21, 2016 2:51 AM UTC

Nikkei225 rises to fresh six month high today morning on account of higher US stocks and weaker yen. The index has broken the high made on Sep 2nd 2016 and jumped till 17285 yesterday.It is currently trading around 17289.
Technically in the daily chart the index has closed well above psychological resistance above 17000. Minor weakness can be seen only below 16990 (7- day EMA).
On the higher side, resistance is around 17322 (161.8% retracement of 17062 and 16641) and any break above targets 17420 (trend line joining 16930 and 17159)/17695.
The major support is around 17105 (3- day EMA) and any break below targets 16990 (7- day EMA) /16755 (21- day MA)/16920 (10- day MA).

It is good to buy on dips around 17100 with SL 16985 for the TP of 17322/17695.

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FxWirePro:Nikkei hits fresh six month high, good to buy on dips

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