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FxWirePro: Nikkei hits 4-month high on positive global cues,good to buy on dips

Source FxWire Pro - Technicals Tuesday, 16 Apr, 2019 04:21:22 GMT
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Major support - 21550

Asian markets are trading higher especially Shanghai jumped more than 1% on positive global cues.The jump was mainly due to strong export and lending data from China.US markets closed flat with Dow Jones 26384 (0.10% lower) and S&P500 2905 (0.06% lower). US 10 year yield is holding above 2.50% after nearly 10% high from 14-month low of 2.34%.USDJPY is trading higher and any break above 112.20 confirms further bullishness. Nikkei recovered sharply and trading well above 22000.It is currently trading around 22210.

 On the lower side, near term support is around 21720 (200- day MA) and any break below targets 21550 (300- day EMA)/21320/21000/20800.

The near term resistance is at 22200 and any break above targets 22380/22600.

It is good to buy on dips around around 22000 with SL around 21700 for the TP of 22600.

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