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FxWirePro:Nikkei slightly declines on profit -booking, good to buy on dips

Nikk  ei225 continues rally pauses as stocks, dollar slightly slips from the year high. The index formed temporary top around 19653 and slightly declined from that level. It is currently trading around 19391 0.30% lower.

•Technically index is expected to trade higher as long as support 19200 holds.

•On the higher side, major resistance is around 19700 (161.8% retracement of 19542 and 19273) and any break above will take the index till 20000/20280 in the short term.

•The index immediate support is at 19260 (55-4H EMA) and any break below will drag the index down 18945(100- 4H EMA).

•The index should break below 18000 for further weakness.

 It is good to buy on dips around 19200 with SL around 19200 for the TP of 19700/20000.

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