Nikkei225 has once again retreated after jumping till 19278 level.The index broken 19000 level and declined till 18878 at the time of writing. It is currently trading around 18933 1.1% lower.
•USD/JPY has declined sharply after jumping slightly above 115 level. The pair upside is capped by 50% fibo and any break above will take the index till 116.31 /117. It is currently trading around 113.61.
•Technically index is facing strong support at 18620 (60 day EMA) and any close below that level will drag the index down till 18272 (89- day EMA).The minor support is around 18818.
•On the higher side, major intraday resistance is around 19159 (10- day MA) and any break above will take the index to 19298/19397 (61.8% retracement of 19698 and 18650).
•The index should break below 18000 for further weakness.
It is good to buy on dips around 19050 with SL around 18818 for the TP of 19500/19695
