FxWirePro: Sell Nikkei on rallies

• Nikkei declined slightly from the high of 20182 made on Jul 11th 2017 on account of stronger yen.  The pair declined slightly below 20000 level. It is currently trading around 19988 0.24% lower.
   
• USD/JPY declined sharply after hitting two month high at 114.49. The pair formed a temporary top around 114.49 and is currently trading around 112.06. Short term trend is slightly bullish as long as support 111.79 (100- day MA) holds.. The near term resistance is around 114.50.and any break above targets 115.50. Minor bearishness can be seen below 111.79 (100- day MA).
   
• On the lower side, index major support is around 19850 (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 sell on rallies around 20050-20100 with SL around 20320 for the TP of 19850/19650.