FxWirePro:Nikkei225 recovers on weaker yen,good to buy on dips
Nikkei225 has regained sharply after making a low of 16332 yesterday.it is currently trading around 16734. The index jumped 0.89% on account of higher yen.Fed chairman hints that there is possible of rate hike in the fut…
Nikkei225 has regained sharply after making a low of 16332 yesterday.it is currently trading around 16734.
The index jumped 0.89% on account of higher yen.Fed chairman hints that there is possible of rate hike in the future has pushed US dollar index up form 94.30 to 95.50 level.Dollar strength has laos pushed up USD/JPY from low of 100 to 102 level.
The index is facing resistance around 16800 and any break above will take the nikkei to next level 16930. Any close above 17000 confirms further bullishness 15500/15300.
Short term trend is slightly bullish as long as the index not able to break below 16200.
On the lower side, any break below 16200 will take the index to next level 16000/15800.The minor support is around 16580/16410.
It is good to buy on dips around 16450-500 with SL 16200 for the TP of 16800/1700.
