FxWirePro:Nikkei upside capped by 55- 4H EMA, good to sell on rallies

• Nikkei has shown a slight recovery after showing a minor decline below 200- day MA . The index has shown a minor pullback form the low on account of slight jump in global equities and minor decline in strong yen. The index has jumped till 19560 and is currently trading around 19421 0.38% lower.
   
• USD/JPY has slightly recovered after hitting low of 108.60 yesterday. It should  close above 100- MA at 111.21 in the daily chart for minor bullishness. It is currently trading around 109.45.The major short term support is around 108 and any break below targets 106.
   
• On the lower side, index major support is around 19320 (200-day MA) and any 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 19575 (55- 4H EMA) and break above will take the index to 19740 (100- 4H  MA)/20000/20319 (Jun 20th 2017).Short term bullish invalidation only below 19275.

It is good to sell on rallies around 19550-19600 with SL around 19850 for the TP of 19320/19000