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FxWirePro:Nikkei225 trades higher after Fed meeting, good to buy on dips

  • Nikkei225 breaks 200- HMA after Fed kept its interest rate unchanged in September meeting.It is currently trading around 16633.
     
  • Fed has kept its interest rate unchanged and reiterated that "the case for an increase in the federal funds rate has strengthened".
     
  • Technically in the hourly chart the index is trading well above Tenken-Sen (16595),kijun-sen (16586) and also above 200- HMA a jump till 16835/17000 is possible.
     
  • Nikkei should break above 17159 for further bullishness. 
      
  • The major support is around 16470 (100- HMA) and any break below targets 16260  (38.2% retracement of 14823 and 17159)/16000.

It is good to buy on dips around 16600 with SL 16465 for the TP of 16835/17000

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