Tuesday, May 16, 2017

Fxwirepro: Sell Nikkei on Rallies

  • Nikkei showing a slight sell off once again after hitting a high of 19991 on account of stronger yen and geopolitical tensions in North Korea. The index shown a minor jump above 20000 level on May 9th 2017 and is currently trading around 19876 0.34% lower.
  • USD/JPY is showing a minor weakness after hitting high of 114.36 May 10th 2017 and is trading around 113.50. Any further bullishness only above 115.50.
  • On the lower side near term support is around 19770 (10- day MA) and any break below will drag the index down till 19585 (23.6% retracement of 18193 and 20019)/19470 (21-EMA)/ 19106 (daily Kijun-Sen) is possible. 
  • The major resistance is around 20000 and any break above will take the index till 20180/20470.

It is good to sell on rallies around 19880-19900 with SL around 20050 for the TP of 19585/19300.

The material has been provided by InstaForex Company –

May 16, 2017 at 08:43AM