• FxWirePro: Nikkei hits fresh 52- week high on French elections, good to buy on dips

    Source: FxWire Pro - Technicals / 07 May 2017 22:11:45   Eastern Standard Time

    • Nikkei hits fresh year high after breaking major resistance 19666 on account of French election  and weaker yen.The index rose almost 0.36% at the time of writing at 19768.
       
    • French Centrist candidate Emmanuel Macron has comfortably won the Presidential elections.Macron defeats Le pen with vote share of 65% to 35% at 39 years , the country's youngest president.
       
    • USD/JPY closed well above 112 level on Friday and is currently trading around 112.83. The major resistance is around 113.04 and any break above will take the pair till 115/115.51.
       
    • On the lower side ,near term support is around 19415 (23.6% retracement of 18193 and 19793) and any break below targets 19340 (55-4H EMA)/ 19180 (100-4H EMA) is possible. 
       
    • The major resistance is around 19800 (161.8% retracement of  19661 and 19450) and any break above will take the index till 20000/20180.

      It is good to buy on dips around 19650 with SL around 19400 for the TP of 20000/20180.