• Nikkei has slightly recovered after hitting a low of 20064 level on Wednesday on account of slight recovery in oil prices and weaker yen.  The index formed a major top around 20319 on Jun 20th 2017 . It is currently trading around 20212 0.02% higher.
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• USDJPY has broken major resistance at 111.85(100- day MA) and jumped till 112.07 at the time of writing. The pair is facing strong resistance at 112.12 (May 25th high) and any break  above confirms bullish continuation.It is currently trading around 111.94.
   
• On the lower side, near term support is around 19880 (trend line joining 19277 and 19744) and any break below will drag the index down till 19669 (55- EMA)/19458 (89 EMA)/19277 (May 18th 2017 low).
   
• The near term resistance of Nikkei is around 20414 (trend line joining 20019 and 20230) and break above will take the index to 20477 (161.8% retracement of 20019 and 19277) /20530 (161.8% retracement of 20220 and 19744)/20649 (161.8% retracement of 19698 and 18193).
   
• Short term bullish invalidation only below 19275.
• It is good to sell on rallies around 20200-225 with SL around 20400 for the TP of 19458/19277.