Nikkei225 trades higher on dovish Fed plot, good to buy on dips
Major resistance - 19698 ( Jan 9th 2017)
Nikkei shown a mild decline till 19421 after FOMC meeting. Fed hiked interest rates by 25bpbs but no upward revision in the projected rate path has dragged US dollar against all major pairs . It is currently trading at 19563 0.39% higher.
•The index declined slightly yesterday on account of stronger yen. USD/JPY shown a minor weakness and pair dipped till 113.15 .It is currently trading around 113.43.
• On the lower side , 19500 (resistance turned into support) and any break below will drag the index till 19395 (21 day EMA)/19190/19128 (trend line joining 18224 and 18973).
•The major resistance is around 19698 (Jan 9th 2017 high) and any break above will take the index till 19917 (161.8% retracement of 19566 and 18986)/20000. The minor resistance is around 19327 (daily Tenken-Sen)./19400.
It is good to buy on dips around around 19500-525 with SL around 19395 for the TP of 19698/19900
Nikkei shown a mild decline till 19421 after FOMC meeting. Fed hiked interest rates by 25bpbs but no upward revision in the projected rate path has dragged US dollar against all major pairs . It is currently trading at 19563 0.39% higher.
•The index declined slightly yesterday on account of stronger yen. USD/JPY shown a minor weakness and pair dipped till 113.15 .It is currently trading around 113.43.
• On the lower side , 19500 (resistance turned into support) and any break below will drag the index till 19395 (21 day EMA)/19190/19128 (trend line joining 18224 and 18973).
•The major resistance is around 19698 (Jan 9th 2017 high) and any break above will take the index till 19917 (161.8% retracement of 19566 and 18986)/20000. The minor resistance is around 19327 (daily Tenken-Sen)./19400.
It is good to buy on dips around around 19500-525 with SL around 19395 for the TP of 19698/19900