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FxWirePro: Nikkei upside capped by 55- day EMA, good to sell on rallies

  • Nikkei has declined after hitting high of 19835 on Aug 15th 2017. The index has shown a minor selling from the high on account of global equities sell off strong yen. The index has declined till 19425 and is currently trading around 19456 0.18% lower.
     
  • USD/JPY has declined after hitting high of 110.94 on Aug 16th 2017. The pair should close above 100- MA at 111.30 in the daily chart for minor bullishness. It is currently trading around 109.33.The major short term support is around 108 and any break below targets 106.
     
  • On the lower side, index major support is around 19320 (200-day MA) and any close below will drag the index down till 19000 (61.8% retracement of 18193 and 20319)/18500.
     
  • The near term resistance of Nikkei is around 19850 (55- day EMA) and break above will take the index to 20000/20319 (Jun 20th 2017).Short term bullish invalidation only below 19275.

    It is good to sell on rallies around 19550-19600 with SL around 19850 for the TP of 19320/19000.

 

 

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