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FxWirePro: Nikkei Daily Outlook

  • Nikkei is continuing its winning streak for 12th consecutive days due to weak yen and on expectations that ruling bloc will win elections later this month.This will give political stability and continuation of loose monetary policy. The index has has made a 21- year high at 21512 and is currently trading at 21441 0.02% lower.
     
  •  USD/JPY has shown a major recovery till 113.09 from the low of 111.65. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The pair's major support is around 111.12 (100- day MA) and any close below  will drag the index till 110/108. It is currently trading around 113.02.
     
  • On the lower side, index major support is around 21255 (20- 6H MA) and any break below will drag the index down till 20932 (55-  6H EMA)/20518 (Cloud bottom)/20200/20000.
     
  • The near term resistance is around 21400 and any break above will take the index to next level till 21600/21780.

It is good to buy on dips around 21200 with SL around 20900 for the TP of 21580/21780.

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