• 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.