FxWirePro:Nikkei trades higher on stronger yen, good to buy on dips
Nikkei has broken major resistance at 20497 high made on Sep 21st nad hits fresh year high. The index jumped till 20575 at the time of writing on weak yen and strong global equity. Nikkei has formed a temporary bottom ar…
Nikkei has broken major resistance at 20497 high made on Sep 21st nad hits fresh year high. The index jumped till 20575 at the time of writing on weak yen and strong global equity. Nikkei has formed a temporary bottom around 20200 and is currently trading around 20557 0.43% higher..
USD/JPY has recovered sharply and is trading slightly above 113 level. The near term major resistance is around 113.20 and any break above will take the pair till 114/115. The major support is around 112 (233- day MA) and any break below will drag the index till 111.11 (100- day MA). It is currently trading around 113.09.
On the lower side, index major support is around 20200 and any break below will drag the index down till 20000/19880 (100- day MA)/19425 (61.8% retracement of 19144 and 19899).
The index is trading slightly above 20500 and this confirms minor bullishness , a jump till 21000 likely.
It is good to buy on dips around 20300-350 with SL around 20200 for the TP of 20850/21000
