FxWirePro:Nikkei225 trades lower on stronger yen, sell on rallies
Major intraday resistance - 18870 (100- day MA). Nikkei trades weak on account of stronger yen.The Japanese yen spiked to highest level since Nov 2016 due to uncertainty in Syria and North Korea.The index declined sharpl…
Nikkei trades weak on account of stronger yen.The Japanese yen spiked to highest level since Nov 2016 due to uncertainty in Syria and North Korea.The index declined sharply after a slight jump till 18847.It's major support is around 18500 and any break below confirms further weakness.
JPY gains against all major pairs and has broken major support at 110. The pair declined till 109.34 and is currently trading around 109.51.
On the lower side , 18500 will be acting as major support for Nikkei and any break below will drag the index till 18325 ( 61.8% retracement of 16106 and 16698)/18000 .
The major resistance is around 18870 (100- day EMA ) and any break above will take the index till 19089 (100- day MA)/19200/19365 ( 61.8% retracement of 19669 and 18867).
It is good to sell on rallies around 18600-650 with SL around 18900 for the TP of 18325/18000..
