Nikkei225 faces strong support at 200- day MA, break below targets 19000/18700
Nikkei has declined after forming a minor top around 19835 on Aug 15th 2017. The index has shown a minor selling from the high on account of global equities sell off and strong yen. The index has declined till 19325 and …
Nikkei has declined after forming a minor top around 19835 on Aug 15th 2017. The index has shown a minor selling from the high on account of global equities sell off and strong yen. The index has declined till 19325 and is currently trading around 19388 0.30% lower.
USD/JPY has slightly recovered after hitting low of 108.60 yesterday. It should close above 100- MA at 111.23 in the daily chart for minor bullishness. It is currently trading around 109.24.The major short term support is around 108 and any break below targets 106.
On the lower side, index major support is around 19320 (200-day MA) and any close below will drag the index down till 19000 (61.8% retracement of 18193 and 20319)/18500.
The near term resistance of Nikkei is around 19668 (100- day MA) and break above will take the index to 19773 (21- day EMA)/20319 (Jun 20th 2017).Short term bullish invalidation only below 19275.
It is good to sell on rallies around 19550-19600 with SL around 19850 for the TP of 19320/19000
