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FxWirePro: Nikkei jumps more than 1% on positive global cues and weak yen, good to buy on dips

  • Asian markets are trading higher especially Nikkei rose almost 1% on account of weak yen and easing geo political tensions.The lack of escalation of trade war between US and China and weak yen is the main reason for jump in Nikkei. US markets rebounded sharply as technology stocks hits all time high. US market closed higher with Dow Jones at 24924 (0.90% higher) and S&P500 2798 (0.87% higher). Chinese market is trading flat after more than 2% jump yesterday.It is currently trading around 2812. USD/JPY which is the main indicator of geo political tension has gained more than 150 pips jump in the past two trading session and is trading well above 112. US futures is trading higher with Dow Jones at 24990 (0.31% higher) and S&P500 2802 (0.26% higher). Nikkei is currently trading around 22650 0.82% higher.
     
  • USD/JPY is trading extremely bullish and has jumped more than 250 pips in this week. It hits intraday high of 112.77 and is currently trading around 112.64.
     
  • On the lower side, index major support is around 22288 (55- day EMA) any break below will drag the index down till 22080/21750/21460.
     
  • The near term resistance is around 22780 and any convincing break above will take the index to next level till 23040/23200.

    It is good to buy on dips around 22400-450 with SL at 22280 for the TP of 22780/23040.

 

 

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