Nikkei225 is trading in narrow range between 19542 and 19273 for the past three trading session. It is currently trading around 19395 0.13% lower.
•Japanese Yen slightly recovered sharply from the low of 118.66 and is currently trading around 117.18. The yen is till weak as long as the resistance 116 holds.
•Technically index is expected to jump slightly further on account of weaker yen.
•On the higher side, major resistance is around 19445 (161.8% retracement of 19347 and 19187) and any break above targets 19700 (161.8% retracement of 19542 and 19273) in the short term.
•The index immediate support is at 19250 (7-day EMA) and any break below will drag the index down 19000 (10- day MA)/18700 (61.8% retracement of 18224 and 19542).
•The index should break below 18000 for further weakness.
It is good to buy on dips around 19250 with SL around 19000 for the TP of 19600/19800.
