Nikkei225 has once again retreated after jumping till 19563.The slight recovery in yen has dragged the price down till 19338. It is currently trading around 19438 0.03% higher.
•USD/JPY has once retreated from the high of 118.66 and has broken major support 116. Any break below 116 will drag the pair till 114.50.
•Technically index major support stands at 100- HMA and any break below will confirm further weakness.
•On the higher side, major resistance is around 19653 (Dec 20th high) and any close above will take the index till 20000/20280 in the short term.
•The index immediate support is at 19350 (200-H EMA) and any break below will drag the index down 19300 (100 -HMA)/19218)/19090 (61.8% retracement of .
•The index should break below 18000 for further weakness.
It is good to sell on rallies around 19500 with SL around 19700 for the TP of 19300/19090.
