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FxWirePro: Nikkei downside capped by 10- day MA, good to sell on rallies

Monday, May 15, 2017 4:59 AM UTC

Nikkei showing a slight sell off after hitting 17 month high on account of stronger yen and geopolitical tensions in North Korea. The index shown a minor jump above 20000 level on May 9th 2017 and is currently trading around 19834 0.15% higher.
USD/JPY is showing a minor weakness after hitting high of 114.36 May 10th 2017 and is trading around 113.35. Any further bullishness only above 115.50.
On the lower side near term support is around 19700 (10- day MA) and any break below will drag the index down till 19585 (23.6% retracement of 18193 and 20019)/19424 (21-EMA)/ 19106 (daily Kijun-Sen) is possible.
The major resistance is around 20000 and any break above will take the index till 20180/20470.

It is good to sell on rallies around 19880-19900 with SL around 20050 for the TP of 19585/19300.

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FxWirePro: Nikkei downside capped by 10- day MA, good to sell on rallies

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