FxWirePro: Nikkei trades below 200- day MA, dip till 19000 likely

• Nikkei has fallen to four month – low on rising concerns over North Korea. North Korea is expected to launch another intercontinental ballistic missile towards its west coast by end of week. The demand for safe haven assets such as Gold, Swiss franc and yen increased due to this uncertainties. The index declined till 19256 and is currently trading around 19342 0.05% lower.
   
• USD/JPY is trading weak and minor bullishness can be seen only above 110.54 (55- day EMA). It is currently trading around 108.69. Any break above will take the pair till 111.17/112.The major short term support is around 108 and any break below targets 106.
   
• On the lower side, index major support is around 19435 (200-day MA) and any daily close below will drag the index down till 19144/19000 (61.8% retracement of 18193 and 20319)/18500.
   
• The near term resistance of Nikkei is around 19745 (100- day MA) and break above will take the index to 19798 (cloud bottom)/20000/20319 (Jun 20th 2017).Short term bullish invalidation only below 19145.

It is good to sell on rallies around 19450-500 with SL around 19750 for the TP of 19000.