FxWirePro:Nikkei225 downside capped by 23.6% fibo,good to sell on rallies

Nikkei225 declined sharply after showing a slight jump till 19378.The index fall was mainly due to strength in Yen. It is currently trading around 19083 1.1% lower.

•USD/JPY has once again breaks 115 and is trading well below that level. This confirms minor weakness , a decline till 112.80 is possible.It is currently trading around 114.10.

•Technically index is facing strong at 18930 (Dec 29th 2016 low) and any close below that level will drag the index down till 18818/18700.

•On the higher side, major intraday resistance is around19180 (38.2% retracement of 19378 and 19058) and any break above will take the index to  19270 (89- H EMA)/19350 (200- H MA)/19412 (61.8% retracement of 19698 and 18953).

•The index immediate support is at 18930 and any break below will drag the index down 18818 (23.6%retracement of 16105 and 19653)/18700.

•The index should break below 18000 for further weakness.

It is good to sell on rallies around 19200-230 with SL around 19380 for the TP of 18930/18800