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Nikkei forms bullish divergence , good to buy on dips

FX:JPN225   니케이 225 인덱스
131 뷰
11
Major support - 18635 (Jan 18th 2017 low).

Major intraday resistance - 18870 (100- day MA).

Chart pattern - Bullish divergence ( MACD )

Nikkei broken the major support 18638 low formed on Jan 18th 2017 and declined till 18548 at the time of writing on account of strong JPY. It is currently trading at 18608 at 0.17% lower.

USD/JPY  is facing strong support at 110 and any break below confirm further weakness. It is currently trading around 110.48.

On the lower side , 18500 will be acting as major support for Nikkei and any break below will drag the index till 18325 ( 61.8% retracement of 16106 and 16698)/18000 .

•The major resistance is around 18870 (100- day EMA ) and any break above will take the index till 19089 (100- day MA)/19200/19365 ( 61.8% retracement of 19669 and 18867).

It is good to buy on dips around 18550 with SL around 19325 for the TP of 19000/19085.

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