FxWirePro:Nikkei225 breaks trend line support , decline till 19280 likely

• The index has once gain declined slightly after hitting a high of 19274 on account global equities sell off. The index formed a major top around 20319 on Jun 20 20177 and further bullish continuation can be seen only above this level. It is currently trading around 19988 0.07% higher.
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• USDJPY has declined slightly after hitting a high of 112.92. Short term trend is still bullish as long as support  Any break above 112.12 confirms bullish continuation , a jump till 113 likely.It is currently trading around 111.82.
   
• On the lower side, index has broken major trend line support at 20000 (trend line joining 19277 and 19744) and  any break below will drag the index down till 19735 (55- EMA)/19520 (89 EMA)/19277 (May 18th 2017 low).
   
• The near term resistance of Nikkei is around 20400 (trend line joining 20019 and 20230) and break above will take the index to 20477 (161.8% retracement of 20019 and 19277) /20530 (161.8% retracement of 20220 and 19744)/20649 (161.8% retracement of 19698 and 18193).


• Short term bullish invalidation only below 19275.

It is good to sell on rallies around 20000-20050 with SL around 20320 for the TP of 19458/19277.