Major resistance- 21300 (200- day MA)
Major support - 20700
Nikkei is consolidating after hitting high of 21330 level on Jun 11th 2019. The index is holding above 21000 level. It is currently trading around 21086.
US Market- Dow Jones and S&P500 rose more than 1% from intraday low as oil rise sharply following two tanker attack near the Middle East. Dow Jones and S&P500 closed at 26106 (+0.39%) and 2891 (+0.41%).
Japanese Yen- USDJPY is trading still below trend line resistance 109 and this shows overall trend is still in bearish mode. Any break below 107.80 confirms further bearishness.It is currently trading around 10
Shanghai composite- Shanghai is trading in narrow range after nearly 4% jump from low of 2822 level. It is currently trading around 2903. Any break above 2945 confirms bullish continuation and jump till 3000/3020 likely.
Technically Nikkei facing strong resistance around 21300-330 (200- day MA and Jun11th high) and any major jump can be seen only if it closes above this level. Any close above targets 21536 (300-day EMA)/21642 961.8% fib)/21800.
On the flip side, near term support is around 21000 and any violation below this level will take the index till 20700/20500/20291 (Jun 2nd low).
It is good to buy on dips around 20700-725 with SL around 20490 for the TP of 21330.
