- Nikkei index shown a massive sell of yesterday on account of combination of weak U.S dollar, U.S equity markets and retreat in oil prices.
- U.S dollar index broken major support of 98 level and declined till 97.33 lowest level since Nov 2016.The index should broke above 98.60 for further bullishness.
- U.S dollar declined sharply against yen yesterday till 110.23 and has shown a minor recovery. The pair minor resistance around 112 and minor jump can be seen only above that level. It is currently trading around 111.43.
- On the lower side near term support is around 19159 (200- 4H MA) and any break below will drag the index down till 19000/18880 is possible.
- The near term major resistance is around 19634 (4H Kijun-Sen) and any break above will take the index till 20000/20180/20470.
It is good to sell on rallies around 19575-600 with SL around 19800 for the TP of 19145.