FxWirePro:Nikkei trades higher on weaker yen, good to buy on dips
Nikkei225 has made a steady gains after making a minor bottom at 16641 on 13th Oct 2016. Japanese index is rising sharply for the past two trading session on account of weaker Yen.It is currently trading around 16971. Te…
Nikkei225 has made a steady gains after making a minor bottom at 16641 on 13th Oct 2016. Japanese index is rising sharply for the past two trading session on account of weaker Yen.It is currently trading around 16971.
Technically in the 4H chart the index takes support at 55- 4H EMA and slightly jumped from that level.Short term weakness can be seen only below 16731 (200- 4H MA).
On the higher side, resistance is around 17000 and any break above targets 17159 (Sep 2nd 2016 high)/17300/17500.Nikkei should break above 17159 for further bullishness.
The major support is around 16850 (55- 4H EMA) and any break below targets 16730 (200- 4H MA) /16532 (200-day MA).
It is good to buy on dips around 16800 with SL 16700 for the TP of 17000/17160.
