FxWirePro:Nikkei225 trades higher on weaker yen, good to buy on dips
Nikkei recovers slightly above 20000 after hitting a low of 19744 on account of weaker yen. The index jumped till 20008 at the time of writing. It is currently trading around 19998. USD trades higher against JPY yester…
Nikkei recovers slightly above 20000 after hitting a low of 19744 on account of weaker yen. The index jumped till 20008 at the time of writing. It is currently trading around 19998.
USD trades higher against JPY yesterday after slightly hawkish Fed and the pair broken 21- EMA at 110.66 and jumped till 111.25.
On the lower side, near term support is around 19750 (Kijun-sen) and any break below will drag the index down till 19450 (38.2% retracement of 18189 and 20228)/19358 (89- EMA).
The near term resistance of Nikkei is around 20000 and break above will take the index to recent high of 20228/20477 (161.8% retracement of 20019 and 19277).
Short term bullish invalidation only below 19275
It is good to buy on dips around 19750-800 with SL around 19500 for the TP of 20220/20470.
