FxWirePro:Nikkei225 trades weak, good to sell on rallies

Nikkei225 continue its loosing streak and broken the major support at 21- day MA. The index declined till 19051 at the time of writing. It is currently trading around 19073 0.55% lower.

The index is facing strong support at 60- day EMA and any break below confirm major weakness.

•USD/JPY is trading weak and it should break above 115.62 for further bullishness. It is currently trading around 113.37.

•Technically index is facing strong support at 19000 and any break below that level will drag the index down till 18850 (23.6% retracement of 16106 and 19698)  and any break below will drag the index down till 18735 (60 - day EMA)/18285.

•On the higher side, major intraday resistance is around 19200 (20 day EMA) and any break above will take the index to 19350 (61.8% retracement of 19566 and 19011).

•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.