Nikkei shown a strong rally after breaking 19000 level. The index jumped till 19368 at the time of writing and Nikkei should break below 60- day EMA for further weakness .It is currently trading at 19338.
•The index is trading slightly stronger on account of stronger yen and the pair has jumped slightly above 10- d ay MA after taken support near 100 -day EMA. It's major resistance is around 114 and minor bullishness can be seen above that level.
• On the lower side , 18810 (60 - day EMA) is acting as next immediate support and any break below targets 18638 (Jan 18th 2017 low)/18385 (100- day EMA).The minor support is around 19090.
•The major weekly resistance is around 19566 (26th Jan 2017 high) and any break above will take the index till 19698/2000
It is good to buy on dips around 19200 with SL around 19000 for the TP of 19566/19698.
