• The index is consolidating in narrow range between 19835 and 20122 for the past three trading session.Nikkei has formed a temporary top around 20319 and any bullish continuation can be seen only above that level. It is currently trading around 20117 0.31 higher.
   
•  USDJPY hits two month high on account of rising US 10 year yield on increasing rate hike hope. The pair jumped till 114.30 and is currently trading around 114.13. Intraday trend is still bullish as long as support 113 holds. The near term resistance is around 114.36.and any break above targets 115.50. Minor bearishness can be seen below 111.75 (100- day MA).
   
• On the lower side, index major support is around 19810 (55- day EMA) and any break below will drag the index down till 19605 (89 EMA)/19277 (May 18th 2017 low).
   
• The near term resistance of Nikkei is around 20400 (trend line joining 20230 and 20319) and break above will take the index to 20477 (161.8% retracement of 20019 and 19277) /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 19900-19950 with SL around 19750 for the TP of 20319/20400.