• FxWirePro: Nikkei trading higher on massive jump in US markets , good to buy on dips

    Source: FxWire Pro - Technicals / 16 Oct 2018 23:42:56   America/New_York

    Asian markets is trading higher following footsteps of global markets. US markets has jumped more than 2% best gains since Mar after better than expected earnings from Morgan Stanley, Netflix ,Johnson&Johnson and Goldman Sachs. Dow Jones up more than 500 points at 25798 and S&P500 2809 (2.15% higher) .Shanghai is consolidating in narrow range after hitting low of 2536. It is currently trading around 2568 0.03% higher. US 10 year bond yield is trading muted after hitting high of 3.25%.Nikkei has recovered more than 700points yesterday after hitting low of 22265.It is currently trading around 22903 0.20% higher. US futures is trading slightly flat with Dow at 25780 0.01% lower and S&P500 2814.70 (0.05% higher).

    USD/JPY `has recovered sharply after hitting low of 111.62. The pair hits high of 112.41 and near term resistance is around 112.60 and any break above targets 113. It is currently trading around 111.95.

    On the lower side, near term support is around 22380 (200- day MA) and any break below 22158/21750.

    The near term resistance is at aid 22940 (89- day EMA) and any break above targets 23110/23500.

    It is good to buy on dips around 22600 with SL around 22380 for the TP of 23300.






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