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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 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.

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