Nikkei225 continuing its loosing streak for past two days. The index shown a slight jump till 19278 on Friday after declining till 18638.It is currently trading around 18848 0.26% lower.
•USD/JPY has declined sharply and hits 112.68 level. Any break below 112.50 confirms further weakness a decline till 110 is possible.It is currently trading around 112.82
•Technically index is facing strong support at 18620 (60 day EMA) and any close below that level will drag the index down till 18272 (89- day EMA).The minor support is around 18818.
•On the higher side, major intraday resistance is around 19075 (200- H MA) and any break above will take the index to 19298/19397 (61.8% retracement of 19698 and 18650).
•The index should break below 18000 for further weakness.
It is good to sell on rallies around 18850-900 with SL around 19075 for the TP of 18500/18280
