Nikkei225 slightly recovered after declining till 18818 yesterday.It is currently trading around 19041 0.26% higher.
The index is facing strong support at 23.6% fibo and any break below confirm major weakness.
•USD/JPY is trading weak and slightly recovered after making a low of 112.08.It should break below 1112 for further bearishness. It is currently trading around 112.98.
•Technically index is facing strong support at 18850 (23.6% retracement of 16106 and 19698) and any break below that level will drag the index down till 18735 (60 - day EMA)/18285.
•On the higher side, major intraday resistance is around 19175 (20 day EMA) and any break above will take the index to 19285 (61.8% retracement of 19566 and 18818)/19566.
•The index should break below 18000 for further weakness.
It is good to sell on rallies around 19350-400 with SL around 19650 for the TP of 19220/19000.
