Nikkei is consolidating in arrow range between 20319 and 19836 for the past one month. The index has formed a temporary top around 20319 and any further bullish continuation only above that level. It is currently trading…
Nikkei is consolidating in arrow range between 20319 and 19836 for the past one month. The index has formed a temporary top around 20319 and any further bullish continuation only above that level. It is currently trading around 20087 0.27% higher.
USD/JPY has broken major support at 111.76 (100- day MA) and declined till 111.48. The pair formed a temporary top around 114.49 and is currently trading around 112.06. Any daily close below 100- day MA will drag the pair down till 111/110.58 (61.8% fibo). The near term resistance is around 114.50 and any break above targets 115.50.
On the lower side, index major support is around 19863 (55- day EMA) and any break below will drag the index down till 19656 (89EMA)/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 above 20320 with SL around 20000 for the TP of 20648/21000.
