FxWirePro: Nikkei Daily Outlook

• The index has once gained slightly after hitting low of 19860 on Jun 30th 2017 low. The index formed a major top around 20319 on Jun 20 2017 and further bullish continuation can be seen only above this level. It is currently trading around 20118 0.32% lower.
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• USDJPY has shown a huge jump yesterday after hitting low of 111.73 on Jun 30th 2017. Short term trend is still bullish as long as support 111.70 holds. The near term resistance is around 114.36 and any break above targets 115.50. Minor bearishness can be seen below 111.75 (100- day MA).It is currently trading around 113.24.
   
• On the lower side, index major support is around 19770 (55- day EMA) and any break below will drag the index down till 19556 (89 EMA)/19277 (May 18th 2017 low).
   
• The near term resistance of Nikkei is around 20400 (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 20120-20150 with SL around 20320 for the TP of 19458/19277