Fxwirepro: Nikkei225 Downside capped by Daily Kijun-Sen, Good to Buy on Dips

  • Nikkei225 has broken 21- day EMA at 19048 and declined till 18939 yesterday. It is currently trading around 19101 -0.34% higher.
     
  • •Technically index major support stands at daily Kijun-Sen and any break below will confirm further weakness.
     
  • •On the higher side, minor resistance is around 19390 (10- day MA) and any break above will take the index till 19700 (161.8% retracement of 19542 and 19273) / 20000/20280 in the short term.
     
  • •The index immediate support is at 18899 (daily Kijun-Sen) and any break below will drag the index down 18730 (34- day EMA)/18500.
  • •The index should break below 18000 for further weakness.

 It is good to buy on dips around 19000 with SL around 18700 for the TP of 19700/20000.

The material has been provided by InstaForex Company – www.instaforex.com

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