FxWirePro:Nikkei trades narrow range,good to sell on rallies
Nikkei is consolidating in narrow range between 201497 and 20234 for the past five trading session. The index is facing strong support at 20200 and any break below confirms minor bearishness . Nikkei has formed a tempora…
Nikkei is consolidating in narrow range between 201497 and 20234 for the past five trading session. The index is facing strong support at 20200 and any break below confirms minor bearishness . Nikkei has formed a temporary top around 20497 and is currently trading around 20294 0.41% lower.
USD/JPY has recovered slightly after hitting a low of 112.20 after forming a top around 113.20. The near term support is around 112 (233- day MA) and any break below will drag the index till 111.11 (100- day MA). It is currently trading around 112.64. Short term support is around 107.30 and any break below targets 106.
On the lower side, index major support is around 20200 and any break below will drag the index down till 20000/19880 (100- 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
