Nikkei225 declined till 18648 yesterday and jumped slightly from the lower level on account of slight weakness in the yen. It is currently trading around 19063 0.24% higher.
•USD/JPY has recovered sharply till 114.88 after making a low of 112.57. The pair should break above 115 for further bullishness.It is currently trading around 114.65.
•Technically index is facing strong support at 18580 (60 day EMA) and any close below that level will drag the index down till 18252 (89- day EMA).The minor support is around 18980 (89- H EMA)/18818.
•On the higher side, major intraday resistance is around 19078 (23.6% retracement of 19698 and 18648) and any break above will take the index to 19250 (10- day MA)/19397 (61.8% retracement of 19698 and 18953).
•The index should break below 18000 for further weakness.
It is good to buy above 19150 with SL around 18980 for the TP of 19500/19650
