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- Nikkei has slightly declined after hitting 2- year high of 20319 on account weak oil prices and equities sell off. The index formed a minor bottom at 20064 on Wednesday . It is currently trading around 20124 0.03% lower..
- USD is consolidating around 111.77 and 110.95 for the past three trading session. The pair is facing strong resistance at 111.85 (100- MA) and any break above confirms bullish continuation.It is currently trading around 111.38.
- 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 20477 (161.8% retracement of 20019 and 19277) and break above will take the index to recent high of 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 20150-20170 with SL around 20320 for the TP of 19458/19277.
