FxWirePro:Nikkei225 trades lower on stronger yen,market awaits US NFP for further direction
Major intraday resistance - 18870 (100- day MA). Chart pattern - Bullish divergence ( MACD ) . Nikkei has declined till 18500 at the time of writing and slightly recovered from that level. It is currently trading at 1856…
Nikkei has declined till 18500 at the time of writing and slightly recovered from that level. It is currently trading at 18563 at 0.82% lower.
Market awaits US Non farm payroll for further direction. US economy is expected to add 174K of jobs in Mar after adding 235K on Feb.
USD/JPY is facing strong support at 110 and any break below confirm further weakness. It is currently trading around 110.40.
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 buy on dips around 18550 with SL around 19325 for the TP of 19000/19085.
