Nikkei has recovered sharply after hitting low of 19308 on Friday. The index has shown a huge recovery on account of weak yen. The index has jumped till 19835 and is currently trading around 19777 0.25% higher. USD/JPY h…
Nikkei has recovered sharply after hitting low of 19308 on Friday. The index has shown a huge recovery on account of weak yen. The index has jumped till 19835 and is currently trading around 19777 0.25% higher.
USD/JPY has recovered well above 110 after making low of 108.72 on Friday. The pair should close above 100- MA at 111.30 in the daily chart for minor bullishness. It is currently trading around 110.84.The major term resistance is around 114.50 and any break above targets 115.50. The minor resistance is around 112/113.
On the lower side, index major support is around 19658 (100 day MA) and any close below will drag the index down till 19320 (200- day MA)/19000 (61.8% retracement of 18193 and 20319).
The near term resistance of Nikkei is around 19866 (55- day EMA) and break above will take the index to 20000/20319 (Jun 20th 2017).Short term bullish invalidation only below 19275.
It is good to buy on dips around 19450-19500 with SL around 19275 for the TP of 20000/20315..
