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FxWirePro: Nikkei Daily Outlook

Asian markets are trading mixed especially Nikkei jumped nearly 0.19% on account weak yen.US markets has closed in positive territory with Dow Jones 24575 (0.70% higher) and S&P500 2638 (0.22% higher) on account of better than expected quarterly results from IBM. But upside is capped on account of US government shutdown and global growth concerns. USDJPY has lost more than 50 pips after hitting high of 109.99 and is currently trading around 109.51.Any break above 110 confirms further bullishness.

 

On the lower side, near term support is around 20500 and any break below targets 20200/20000.

 

The near term resistance is at 21000 and any break above targets 21387/21573.

It is good to buy on dips around 20400-450 with SL around 20200 for the TP of 21380.

 

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