Nikkei is trading slightly higher after three day weekend and hits fresh 2- year high after breaking high of 20755. The index jumped till 20786 and prices are supported by weak yen and strong global indices. Nikkei has f…
Nikkei is trading slightly higher after three day weekend and hits fresh 2- year high after breaking high of 20755. The index jumped till 20786 and prices are supported by weak yen and strong global indices. Nikkei has formed a temporary bottom around 20200 and is currently trading around 20785 0.53% higher.
USD/JPY has declined sharply after hitting high of 113.44. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The major support is around 112.20 (233- day MA) and any break below will drag the index till 111.11 (100- day MA). It is currently trading around 112.65.
On the lower side, index major support is around 20525 (10- day MA) and any break below will drag the index down till 20400 (23.6% retracement of 19144 and 20786)/20200/20000.
The near term resistance is around 20800 and any break above will take the index to next level till 21000/21250.
It is good to buy on dips around 20350-20400 with SL around 20200 for the TP of 20850/21000
