Nikkei index is trading in narrow range between 1998 and 19277 for the past three weeks. It was consolidating in narrow range between 19847 and 19579 in the previous week on account of range bound yen. The index is tradi…
Nikkei index is trading in narrow range between 1998 and 19277 for the past three weeks. It was consolidating in narrow range between 19847 and 19579 in the previous week on account of range bound yen. The index is trading around 19646 0.17% lower.
U.S dollar index shown a minor recovery in the previous week after hitting low of 96.80.The index should close above 89 W EMA at 97.45 for further jump till 98.60.USD/JPY trading in narrow range between 110.85 and 112.12.The pair should brak below 110 for further weakness.
On the lower side near term support is around 19550 (trend line joining 18193 and 19277) and any break below will drag the index down till 19315 (200 4H MA)/19100 (50% retracement of 18193 and 19998) is possible.
The near term major resistance is around 20000 and any break above will take the index till 20180/20470.
It is good to buy on dips around 19500 with SL around 19275 for the TP of 20000/20180.
