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FxWirePro:Nikkei faces strong support at 200- 4H MA, good to sell on rallies

Major resistance - 19500 ( trend line joining 19698 and 19535)

Pattern formed - Symmetrical Triangle pattern

Nikkei has taken support near 200 -4H MA and jumped slightly from that level.It is currently trading at 19337 0.26% higher.

•The index retreated slightly from the high on account of minor weakness in USD/JPY and the pair has declined till 112.54 yesterday .It is currently trading around 112.81.It's major resistance is around 115 and minor bullishness can be seen above that level.

• On the lower side ,19172 (200- 4 H EMA) is acting as next immediate support and any break below targets 19026 (Feb 17th 2017 low)/18796.

•The major weekly resistance is around 19500 (trend line resistance) and any break above will take the index till 19566/19698. The minor resistance is around 19390

It is good to sell on rallies around 19400-450 with SL around 19566 for the TP of 19170/19030.

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