FxWirePro:Nikkei trades weak, good to sell on rallies
Nikkei his consolidating in narrow range between 201497 and 20234 for the past four trading session. The index broken low of 20234 and declined till 20203. Nikkei has formed a temporary top around 20497 and any further b…
Nikkei his consolidating in narrow range between 201497 and 20234 for the past four trading session. The index broken low of 20234 and declined till 20203. Nikkei has formed a temporary top around 20497 and any further bullishness can be seen only above that level.It is currently trading around 20263 0.51% lower.
USD/JPY has recovered slightly after forming a bottom at 111.47. 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 112.39. 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.
