FxWirePro:Nikkei trades lower on Trump's comment, good to sell on rallies
Major intraday resistance - 18668 (5- day MA). Nikkei trades weak on account of stronger yen and weak global markets .U.S market declined sharply yesterday after Trump's comment on U.S dollar and interest rates. The Japa…
Nikkei trades weak on account of stronger yen and weak global markets .U.S market declined sharply yesterday after Trump's comment on U.S dollar and interest rates.
The Japanese yen spiked to highest level since Nov 2016 due to uncertainty in Syria and North Korea.The index declined sharply after breaking low of 110.
JPY gains against all major pairs and has broken major support at 110. The pair declined till 108.72 and is currently trading around 108.80.
On the lower side ,18325 ( 61.8% retracement of 16106 and 16698) will be acting as major support for Nikkei and any break below will drag the index till 18000/17800 .
The major resistance is around 18500 (support turned into resistance) and any break above will take the index till 18668 95- day MA)/ 18850 (100- day EMA)
It is good to sell on rallies around 18450-500 with SL around 18670 for the TP of 18325/18000.
