FxWirePro: Nikkei trades higher on weaker yen good to sell on rallies

• Nikkei has recovered slightly after hitting a low of 20050 on account global equities recovery and weak yen. The index formed a major top around 20319 on Jun 20th 2017 . It is currently trading around 20229 0.13% higher.
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• USDJPY has broken major resistance at 112.12 (May 25th high) and jumped till 112.46 on Jun 27th 2017 . Any break above 112.12 confirms bullish continuation , a jump till 113 likely.It is currently trading around 112.08.
   
• On the lower side, near term support is around 19950 (trend line joining 19277 and 19744) and any break below will drag the index down till 19735 (55- EMA)/19520 (89 EMA)/19277 (May 18th 2017 low).
   
• The near term resistance of Nikkei is around 20400 (trend line joining 20019 and 20230) 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 sell on rallies around 20200-225 with SL around 20400 for the TP of 19458/19277.