FxWirePro: Nikkei trades higher on weak yen, good to buy on dips

Wednesday, April 18, 2018 6:10 AM UTC

Nikkei opened flat and shown a good jump in Asian session on account of positive global cues. The index jumped more than 250 points from the today’s open. US markets Dow jones and S&P500 has closed almost 1% higher yesterday on earnings hopes and easing geopolitical tensions in Korea. US futures continuing its yesterday bullishness and is trading slightly higher with Dow jones at 24815 (0.3% higher) and S&P500 2712 (0.22%).It is currently trading around 22186 1.37% higher.
US stocks Netflix and Goldman Sachs have posted better than expected earnings. According to Thomson Reuters, S&P500 earnings are expected to increase 18.6% in the quarter.
USD/JPY has once again declined after showing a minor jump above 55- day EMA. The pair hits low of 106.99 almost 100 pips from the high. It is currently trading around 107.03.
On the lower side, index major support is around 21680 (55- 4H EMA) and any break below will drag the index down till 21410 (200- 4H MA)/21200.
The near term resistance is around 22200 and any break above will take the index to next level till 22420/22600.

It is good to buy on dips around 21800-825 with SL at 21650 for the TP of 22200/22420.

Nikkei opened flat and shown a good jump in Asian session on account of positive global cues. The index jumped more than 250 points from the today’s open. US markets Dow jones and S&P500 has closed almost 1% higher yesterday on earnings hopes and easing geopolitical tensions in Korea. US futures continuing its yesterday bullishness and is trading slightly higher with Dow jones at 24815 (0.3% higher) and S&P500 2712 (0.22%).It is currently trading around 22186 1.37% higher.
US stocks Netflix and Goldman Sachs have posted better than expected earnings. According to Thomson Reuters, S&P500 earnings are expected to increase 18.6% in the quarter.
USD/JPY has once again declined after showing a minor jump above 55- day EMA. The pair hits low of 106.99 almost 100 pips from the high. It is currently trading around 107.03.
On the lower side, index major support is around 21680 (55- 4H EMA) and any break below will drag the index down till 21410 (200- 4H MA)/21200.
The near term resistance is around 22200 and any break above will take the index to next level till 22420/22600.

It is good to buy on dips around 21800-825 with SL at 21650 for the TP of 22200/22420.

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