FxWirePro: Nikkei Daily Outlook

• Nikkei is consolidating in arrow range between 20319 and 19836 for the past one month. The index has formed a temporary top around 20319 and any further bullish continuation only above that level. It is currently trading around 20080 0.27% higher.
   
• USD/JPY has broken major support at 111.76 (100- day MA) and declined till 111.57.  The pair formed a temporary top around 114.49 and is currently trading around 112.06. Any daily close below 100- day MA will drag the pair down till 111/110.58 (61.8% fibo). The near term resistance is around 114.50 and any break above targets 115.50.
   
• On the lower side, index major support is around 19863 (55- day EMA) and any break below will drag the index down till 19656 (89EMA)/19277 (May 18th 2017 low).
   
• The near term resistance of Nikkei is around 20400 (trend line joining 20230 and 20319) and break above will take the index to 20477 (161.8% retracement of 20019 and 19277) /20530 (161.8% retracement of 20220 and 19744)/20649 (161.8% retracement of 19698 and 18193).
   
• Short term bullish invalidation only below 19275.

It is good to buy above 20320 with SL around 20000 for the TP of 20648/21000.