- Nikkei recovers slightly above 20000 after hitting a low of 19744 on account of weaker yen. The index jumped till 20008 at the time of writing. It is currently trading around 19998.
- USD trades higher against JPY yesterday after slightly hawkish Fed and the pair broken 21- EMA at 110.66 and jumped till 111.25.
- On the lower side, near term support is around 19750 (Kijun-sen) and any break below will drag the index down till 19450 (38.2% retracement of 18189 and 20228)/19358 (89- EMA).
- The near term resistance of Nikkei is around 20000 and break above will take the index to recent high of 20228/20477 (161.8% retracement of 20019 and 19277).
- Short term bullish invalidation only below 19275
It is good to buy on dips around 19750-800 with SL around 19500 for the TP of 20220/20470.
