FxWirePro: Nikkei trades higher on weak yen, good to buy on dips

• The index has once again recovered after declining till 19835 level on Friday on account of weaker yen and strong global equity markets. The index has formed minor bottom around 19744 and any break below will confirm further bearishness. It is currently trading around 20061 0.18% higher.
   
•  USDJPY continuing its bullish trend and has broken high made on previous week . The pair jumped till 114.20 and is currently trading around 114.16. Intraday trend is still bullish as long as support 113 holds. The near term resistance is around 114.36 and any break above targets 115.50. Minor bearishness can be seen below 111.75 (100- day MA).It is currently trading around 113.75.
   
• On the lower side, index major support is around 19800 (55- day EMA) and any break below will drag the index down till 19585 (89 EMA)/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 on dips around 19900-19950 with SL around 19750 for the TP of 20319/20400.