• Nikkei has shown a minor sell off after hitting a high of 20228 on Jun 5th 2017 on account of Fed monetary policy meeting  which is to be concluded tomorrow. It is currently trading around 19923.
   
• Fed is expected to raise its federal funds target to between 1% and 1.25% from 0.75% and 1% after the conclusion of two day meeting on Wednesday. Investors will pay close attention to the press conference for the clues of reduction in $4.5 trillion balance sheet.
   
• On the lower side, near term support is around 19750 (Kijun-sen) and any break below will drag the index down till 19450 (38.2% retracement of 18189 and 20228)/19358 (89- EMA).
   
• The near term resistance of Nikkei is around 20000 and break above will take the index to recent high of 20228/20477 (161.8% retracement of 20019 and 19277).
   
• In the daily chart the index has formed bearish divergence in RSI and MACD. So a small dip till 19350 is likely.
  
  It is good to sell on rallies around 19950-20000 with SL around 20220 for the TP of 19360.