FxWirePro:Nikkei hits four month low on North Korea missile,sell on rallies

• Nikkei hits four month low today after North Korea fired missile over Northern Japan. The index declined sharply till 19144 at the time of writing. The dip in Nikkei was also due to strength in yen. It is currently trading around 19319 0.8% lower.
   
• USD/JPY has broken the 108.60 low made on Aug 18th 2017. The minor resistance is around 110 and any minor jump can be seen above that level.. It is currently trading around 108.80.The major short term support is around 108 and any break below targets 106.
   
• On the lower side, index major support is around 19405 (200-day MA) and any daily close below will drag the index down till 19000 (61.8% retracement of 18193 and 20319)/18500.
   
• The near term resistance of Nikkei is around 19625 (21- day EMA) and break above will take the index to 19755 (55- 4H EMA)/20000/20319 (Jun 20th 2017).Short term bullish invalidation only below 19275.

It is good to sell on rallies around 19320-370 with SL around 19600 for the TP of 19000/18550.