- Nikkei is trading slightly lower following footsteps of US markets. The index declined more than 1% from the recent high of 22351. US markets Dow jones and S&P500 has closed marginally weaker around 0.80%. US futures recovered marginally from yesterday’s low and is trading with Dow jones at 24536 (0.28%) and S&P500 2679 (0.28% higher).It is currently trading around 22062 0.05% higher.
- USD/JPY is trading slightly positive and well above 55- day EMA. It has also broken major resistance at 107.78 and jumped till 107.88. It is currently trading around 107.78.
- On the lower side, index major support is around 22140 (20- 4H MA) and any break below will drag the index down till 21930 (55- 4H EMA)/21550 (200- 4H MA).
- The near term resistance is around 22530 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.
It is good to buy on dips around 21700-725 with SL at 21490 for the TP of 22500.