Nikkei225 broken the previous high of 19653 and jumped slightly from that level. The slight recovery in yen has dragged the price down from the high of 19673. It is currently trading around 19498 0.64% lower.
•USD/JPY has once retreated from the high of 118.66 and is trading now at 116. Any break below 116 will drag the pair till 115.
•Technically index major support stands at 200- HMA and any break below will confirm further weakness.
•On the higher side, major resistance is around 19653 (Dec 20th high) and any close above will take the index till 20000/20280 in the short term.
•The index immediate support is at 19430 (55-H EMA) and any break below will drag the index down 19350 (200- HMA)/19218)/19090 (61.8% retracement of .
•The index should break below 18000 for further weakness.
It is good to buy on dips around 19500 with SL around 19295 for the TP of 19650/20000.
