• Fxwirepro:nikkei recovers sharply from 3-week low on weak Yen, good to buy on dips

    Source: FxWire Pro - Technicals / 11 Feb 2019 22:45:49   America/New_York

    Asian markets are trading mixed especially Nikkei recovered sharply almost more than 3% from low on account of weak yen.The dollar has gained sharply yesterday against yen and jumped more than 70 pips from low. The weaker yen has boosted demand for exporters such as automakers and machinery makers. US markets has closed flat with Dow Jones 25053 (0.21% low) and S&P500 2709.80 (0.07% higher). USDJPY is trading well above 110 level and a jump till 111/112 likely.

     On the lower side, near term support is around 20706 (200-H MA) and any break below targets 20400/20000.

     The near term resistance is at 21000 and any break above targets 21387/21500..

    It is good to buy on dips around 20450-500 with SL around 20200 for the TP of 21500.

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