FxWirePro:Nikkei trades higher on weak yen ,good to buy on dips
Nikkei continuing its winning streak and hits fresh 21- year high at 22633 on account of strong global equity markets and weak yen. It is currently trading around 22543 0.32% lower. US economy has added 216000 jobs in Oc…
Nikkei continuing its winning streak and hits fresh 21- year high at 22633 on account of strong global equity markets and weak yen. It is currently trading around 22543 0.32% lower.
US economy has added 216000 jobs in Oct shown a good rebound after hurricane and unemployment rate came at 4.1% vs 4.2%.
USD/JPY has shown a minor jump after better than expected jobs data.The pair bullish continuation can be seen if it closes above 114.45 (161.8% fibo) level. The pair's major support is around 113.05 (daily Kijun-Sen) and any close below will take the pair till 112.30 (233- day MA)/111.65/111.13. It is currently trading around 114.33.
On the lower side, index major support is around 22505 (55- H EMA) and any break below will drag the index down till 22350 (100- H MA)/22000.
The near term resistance is around 22600 and any break above will take the index to next level till 22780/23000.
It is good to buy on dips around 22000 with SL around 21729 for the TP of 22480/22750.
