• Nikkei hits 2 – year high at 20675 yesterday on weak yen and upbeat global outlook. The index follows trend of Wall Street as all three indexes finish at record high. Nikkei has formed a temporary bottom around 20200 and is currently trading around 20654 0.43% higher.
   
•  USD/JPY has once again declined after making a high of 113.19. The pair bullish continuation can be seen only above 113.45 and any break above will take the pair till 114/115. The major support is around 112.15 (233- day MA) and any break below will drag the index till 111.11 (100- day MA). It is currently trading around 113.09. 
   
• On the lower side, index major support is around 20399 (10- day MA) and any break below will drag the index down till 20200/20000/19880 (100- day MA)/19425 (61.8% retracement of 19144 and 19899).
   
• The index is trading slightly above 20500 and this confirms minor bullishness, a jump till 21000 likely.
  
  It is good to buy on dips around 20300-350 with SL around 20200 for the TP of 20850/21000