FxWirePro:Nikkei trades weak on strong yen, good to sell on rallies
Nikkei has shown a minor decline after hitting fresh 2018 high at 23974 yesterday. The major reason for slight dip in index was mainly due to slight bullishness in yen. US dow and S&P 500 hits record high but most of Asi…
Nikkei has shown a minor decline after hitting fresh 2018 high at 23974 yesterday. The major reason for slight dip in index was mainly due to slight bullishness in yen. US dow and S&P 500 hits record high but most of Asian markets ignored global cues. It is currently trading around 23747 0.40% lower.
USD/JPY has declined slightly after showing a minor jump till 113.38. The pair's major support is around 111.85 (233 -day MA) and is currently trading around 112.25. The pair should close above trend line resistance at 113.40 and any break above 113.40 will take the pair to next level till 114/115. Any daily close below 111.85 will take the pair to next level till 110.84/110.
On the lower side, index major support is around 23680 (5- day MA) and any break below will drag the index down till 23419 (7- day MA)/23250.
The near term resistance is around 24000 and any break above will take the index to next level till 24280/24480.
It is good to sell on rallies around 23750-23800 with SL at 24000 for the TP of 23420/23250.
