- Nikkei has slightly declined after hitting 2- year high of 20319 on account weak oil prices and equities sell off. The index slightly declined till 20064 yesterday . It is currently trading around 20124 0.03% lower.
- USD declined slightly against JPY after hitting a high of 111.78. The pair is facing strong resistance at 111.85 (100- MA) and any break above confirms bullish continuation.It is currently trading around 20124.
- On the lower side, near term support is around 20080 (4 Hour Kijun-sen) and any break below will drag the index down till 19971 (100- 4HMA)/19850 (200- 4HMA)/19740 (Jun 15th 2017 low).
- The near term resistance of Nikkei is around 20477 (161.8% retracement of 20019 and 19277) and break above will take the index to recent high of 20530 (161.8% retracement of 20220 and 19744)/20649 (161.8% retracement of 19698 and 18193).
- Short term bullish invalidation only below 19275
It is good to buy on dips around 20000 with SL around 19740 for the TP of 20470/20650.
