FxWirePro:Nikkei225 faces strong resistance at 61.8% fibo, good to sell on rallies
Major support - 18823 (100- day EMA). Major resistance - 19364 (61.8% retracement of 19669 and 18867). Nikkei declined sharply till 1954 at the time of writing after jumping till 19341 yesterday . It is currently trading…
Major resistance - 19364 (61.8% retracement of 19669 and 18867).
Nikkei declined sharply till 1954 at the time of writing after jumping till 19341 yesterday . It is currently trading at 19188 at 0.67% lower.
USD/JPY shown a massive recovery till 111.31 at the time of writing making a low of 110.11. The further weakness can be seen below 110 level.It is currently trading around 111.26.
On the lower side , 18823 (100- day MA) and any break below will drag the index till 18650/18230.
•The major resistance is around 19365 (61.8% retracement of 19669 and 18867) and any break above will take the index till 19600/19698.
It is good to sell on rallies around 19250-270 with SL around 19365 for the TP of 19000/18800/18630.
