• FxWirePro: nikkei: daily outlook

    Source: FxWire Pro - Technicals / 01 Jan 2018 22:47:03   Eastern Standard Time

    • Nikkei has shown a minor jump after a consolidation due to holidays. The index jumped slightly 0.55% on account of slightly weak yen.Nikkei was consolidating in narrow range between 23022 and 22048 for the past ten trading session.The index jumped almost 4800 points from the 2017 low of 18653 made on Jan 2017. It is currently trading around 22830.
        
    • 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 112.76. 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. It is currently trading around 112.75.
       
    • On the lower side, index major support is around 22735 (20- day MA) and any break below will drag the index down till 22574 (34- day EMA)/22258 (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.