• Fxwirepro:nikkei daily outlook

    Source: FxWire Pro - Technicals / 25 May 2018 00:12:29   America/New_York

    • Asian markets are trading slightly weak on fresh geopolitical uncertainty.President Trump cancelled a June meeting with North Korean leader Kim Jong Un. Dow Jones recovered almost more than 250 points from low. US futures is trading marginally positive with Dow Jones at 24876 (0.28% higher) and S&P500 2734 (0.30% higher). It is currently trading around 22455 0.49% higher.
       
    • USD/JPY has declined more than 200 pips from the high of 111.39 on account of increasing geopolitical tensions. The pair is trading well below 200- day MA Any further weakness can be seen if it breaks below 109. It is currently trading around 109.56.    
       
    • On the lower side, index major support is around 22270 (55- day EMA) and any break below will drag the index down till 22000 (38.2% fib)/21697 (Apr 13th low).
       
    • The near term resistance is around 22650 (20- day MA) and any break above will take the index to next level till 23000/23200.

      It is good to sell on rallies around 22850-900 with SL at 23050 for the TP of 22590/22300.

     

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