FxWirePro:Nikkei225 trades higher on weak yen, good to buy on dips
Nikkei continues its winning streak for the after showing a minor dip till 21589 yesterday on weaker yen and strong global markets. Euro tumbled sharply after ECB announces to half assets purchases and extends by 9 month…
Nikkei continues its winning streak for the after showing a minor dip till 21589 yesterday on weaker yen and strong global markets. Euro tumbled sharply after ECB announces to half assets purchases and extends by 9 months. The index has jumped till 21964 and is currently trading around 21954 0.48% higher.
USD/JPY has shown a minor jump after breaking high of 114.10 yesterday. The pair bullish continuation can be seen if it closes above 115 level. The pair's major support is around 112.30 (233- day MA) and any close below will drag the index till 111.65/111.13. It is currently trading around 113.54.
On the lower side, index major support is around 21633 (7- day MA) and any break below will drag the index down till 21400/21280 (23.6% retracement of 19250 and 21929 )/21000.
The near term resistance is around 22000 and any break above will take the index to next level till 22250/22480.
It is good to buy on dips around 21350-400 with SL around 21200 for the TP of 21780/22000.
