FxWirePro: CAD/JPY’s Interim Bulls Seem Deceptive, Major Downtrend Still Imminent On Head & Shoulder Pattern – Trade & Hedging Setup
FxWirePro: Nikkei trades higher on trade optimism,good to buy on dips
Asian markets are trading higher especially Nikkei jumped more than 1%. US markets was closed higher and has closed well above 55-day EMA first time since Dec on US-China trade optimism.The Wall Street Journal reported on Thursday that US Treasury Secretary Mnuchin discussed lifting some or all tariffs imposed on Chinese imports. Dow Jones closed at 24370 (0.67% higher) and S&P500 2635 (0.70% higher) . Shanghai is trading slightly higher and is currently trading around 2579 (0.79% higher). Nikkei is trading at 20669 (0.88% higher).
USDJPY has jumped more than 70 pips from yesterday’s low of 108.68. Minor weakness can be seen below 107.50 and any violation below targets 106.80/106. It is currently trading around 109.35.
On the lower side, near term support is around 20200 and any break below targets 19900/19600/19000.
The near term resistance is at 20845 (55 - day EMA) and any break above targets 21000/21300.
It is good to buy on dips around 20400 with SL around 20200 for the TP of 20840/21000.