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FxWirePro: Sell Nikkei on rallies

  • Nikkei has slightly recovered after showing a minor decline below 200- day MA . The index has shown a minor selling from the high on account of global equities sell off and strong yen. The index has declined till 19269 and is currently trading around 19422 0.45% higher.
     
  • USD/JPY has slightly recovered after hitting low of 108.60 yesterday. It should  close above 100- MA at 111.21 in the daily chart for minor bullishness. It is currently trading around 109.24.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 19672 (100- day MA) and break above will take the index to 19735 (21- day EMA)/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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