FxWirePro: Nikkei225 faces strong support at 100-day EMA, break below target 18635
Major support - 18867 (100- day EMA). Major intraday resistance - 19076 (2000- H MA). Nikkei is trading in narrow range between 19341 and 18878 for the past five trading session. The index facing strong support at 100- d…
Nikkei is trading in narrow range between 19341 and 18878 for the past five trading session. The index facing strong support at 100- day EMA and any close below will confirm further weakness. It is currently trading at 18908 at 0.4% lower.
USD/JPY continuing its third day of loosing streak after making minor jump till 112.19 and any break above 112.20 (100- day EMA) confirms further bullishness. Minor weakness can be seen below 110 level.It is currently trading around 110.71.
On the lower side , 18867 (100- day MA) will be acting as major support for Nikkei and any break below will drag the index till 18650/18230.
•The major intraday resistance is around 19075 (200- H MA) and any break above will take the index till 19200/19365 (61.8% retracement of 19669 and 18867).
It is good to sell on rallies around 18950-19000 around with SL around 19100 for the TP of 18635/18500
