Nikkei trades higher on weak yen, targets 20000

• Nikkei225 recovered sharply after showing a slight decline below 19000 on account of weaker yen. It is currently trading around 19513 0.94% higher.
   
• USD/JPY has taken support near 21- day EMA around 116 and jumped sharply above 118 level. It is expected to trade higher , a jump till 120 likely.
   
• Japan Nikkei manufacturing data which was released today hits 12 month high. PMI came at 52.4 compared to  previous month 51.3.
  
  •Technically index major support stands at daily Kijun-Sen and any break below will confirm further weakness.
  
  •On the higher side, major resistance is around 19653 (Dec 20th high) and any break above will take the index till  20000/20280 in the short term.
  
  •The index immediate support is at 19340 (10- day MA) and any break below will drag the index down 19073 (21- day EMA)/18930 (daily Kijun-Sen)/18818 (23.6% retracement of 16106 and 19653).
  
  •The index should break below 18000 for further weakness.

 It is good to buy on dips around 19450-500 with SL around 19200 for the TP of 19650/20000.