FxWirePro:Nikkei downside capped by 10- day MA, good to sell on rallies
Nikkei has declined slightly from the high mad e yesterday on slight improving yen . The pair dipped till 2034 after hitting high of 20444 yesterday and is trading around 20326 0.08% higher. USD/JPY has declined slightly…
Nikkei has declined slightly from the high mad e yesterday on slight improving yen . The pair dipped till 2034 after hitting high of 20444 yesterday and is trading around 20326 0.08% higher.
USD/JPY has declined slightly after forming a minor top around 112.71. The near term support is around 111.11 (100- day MA) and any convincing break below will take the pair to next level till 110/108. It is currently trading around 112.23. Short term support is around 107.30 and any break below targets 106.
On the lower side, index major support is around 20135 (10- day MA) and any break below will drag the index down till 20000/19840 (100- day MA)/ 19780 (20- day MA)/19425 (61.8% retracement of 19144 and 19899).
The near term resistance is around 20500 and break above will take the index to 20905/21000.
It is good to sell on rallies around 20350 with SL around 20500 for the TP of 20005.
