Major resistance – 21000
Major support- 19900
Nikkei has taken support near 200-W MA and shown a minor recovery. Wall Street has shown a huge recovery of more than 5%. USDCNY consolidating near high made during the previous week at 7.0599.
US 10 year bond yield has lost more than 12% in the previous week to 1.65%. It is currently trading around 1.75%.
USDJPY hits low of 105.26 in the previous week and jumped nearly 40 pips from the low. Any break below 105.25 confirms intraday bearishness and a dip till 104.60 likely.
On the flip side, near term support is around 20380 and any violation below will drag the index till 20238/19900.
The near term resistance is around 20600 and any convincing break above targets 20800/21000/21200.
It is good to buy on dips around 20380-400 with SL around 20200 for the TP of 21000/21200.
