FxWirePro:Nikkei trades higher on strong global cues, good to buy on dips
Nikkei trading extremely bullish and hits 21- year high of 21391 at the time of writing on strong global economy and positive earnings by retailers. The index has broken the high of 21351 made yesterday and jumped till 2…
Nikkei trading extremely bullish and hits 21- year high of 21391 at the time of writing on strong global economy and positive earnings by retailers. The index has broken the high of 21351 made yesterday and jumped till 21391.Nikkei has formed a temporary bottom around 20200 and is currently trading around 21294 0.2% lower.
USD/JPY has shown a minor recovery from the low of 111.65. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The pair's major support is around 111.12 (100- day MA) and any close below will drag the index till 110/108. It is currently trading around 111.97.
On the lower side, index major support is around 20866 (10- day MA) and any break below will drag the index down till 20612 (20- day MA)/20200/20000.
The near term resistance is around 21400 and any break above will take the index to next level till 21600/21780.
It is good to buy on dips around 20800 with SL around 20600 for the TP of 21580/21780.
