- Nikkei is consolidating in narrow range between 20588 and 20695 for the past three days ahead of US Non-farm payroll data which is to be released today. Global equity indices is trading high with all three US Index hits life time high yesterday. Nikkei has formed a temporary bottom around 20200 and is currently trading around 20675 0.1% lower.
- USD/JPY is trading flat after making temporary top at around 113.20. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The major support is around 112.20 (233- day MA) and any break below will drag the index till 111.11 (100- day MA). It is currently trading around 112.84.
- On the lower side, index major support is around 20425 (10- day MA) and any break below will drag the index down till 20147 (20- day MA)/20000/19880 (100- day MA).
- The near term resistance is around 20680 and index is trading slightly above 20500 and this confirms minor bullishness, a jump till 21000 likely.
It is good to buy on dips around 20300-350 with SL around 20200 for the TP of 20850/21000