Major resistance - 19500 ( trend line joining 19698 and 19535)
Nikkei has lost its continued winning streak after jumping till 19478 yesterday. The index is facing strong resistance at 19566 and any further bullishness can be seen only above that level. It is currently trading at 19348 0.4% higher.
•The index retreated slightly from the high on account of minor weakness in USD/JPY and the pair has jumped till 113.77 yesterday and started to decline from that level.It is currently trading around 113.37.It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side ,19270 (55- 4 H EMA) is acting as next immediate support and any break below targets 19170 (200- 4H MA)/19026.
•The major weekly resistance is around 19566 (26th Jan 2017 high) and any break above will take the index till 19698/20000. the minor resistance is around 19390
It is good to sell on rallies around 19380-400 with SL around 19566 for the TP of 19170/19030.
