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FxWirePro:Nikkei Daily Outlook

  • Nikkei has shown a minor jump till 22922 after long weekend. The US stock markets starts year on strong note  and NASDAQ closed above 7000 for the first time. But slightly higher capping the gains of Nikkei.The index hits low of 22619 and is currently trading around 22850.01% higher.
      
  • USD/JPY is showing a selling after a minor top at 1123.75.The pair should close above trend line resistance at 113.50 and is currently trading around 112.32. The pair’s minor weakness can be seen below 233- day MA at 111.87. Any daily close below 111.87 will take the pair to next level till 110.84/110. On the higher side, major resistance is around 113.50 and any convincing break above will take the pair till 114/115. 
     
  • On the lower side, index major support is around 22600 (34- day EMA) and any break below will drag the index down till 22278 (55- day EMA).
     
  • The near term resistance is around 23000  and any break above will take the index to next level till 23300/23500.

It is good to buy on dips around 22650-700 with SL at 22300 for the TP of 23450.

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