Nikkei225 declined sharply after showing a minor jump above 19500 level. It is currently trading around 19306 0.85% lower.
The index has formed bearish Bat pattern in the four hour chart and any break above Potential Reversal Zone (PRZ) will confirm bullishness.
•USD/JPY has declined sharply after showing a minor jump above 115 but it should break above 115.62 for further bullishness. It is currently trading around 114.47.
•Technically index is facing strong support at 19270 (200- 4H MA) and any break below that level will drag the index down till 19169 (4H Kijun-Sen)/19000.
•On the higher side, major intraday resistance is around 19470 (10- 4H MA) and any break above will take the index to 19700/20000.
•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.
