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FxWirePro:Nikkei225 takes support near 30 -day EMA, good to sell on rallies

Nikkei has continued its loosing streak and broken 19200 level yesterday. Nikkei is facing strong support at 30- day EMA at 19160  and any further weakness can be seen only below that level. It is currently trading at 19231 0.2% lower.

•The index shown a slight selling on account of stronger yen and the pair has jumped till 114.95 and declined till 113.07 yesterday. It is currently trading around 113.45.It's major resistance is around 115 and minor bullishness can be seen above that level.

• On the lower side , 19160 (30- day EMA) is acting as next immediate support and any break below targets 19101 (daily Kijun-Sen)/18990 (61.8% retracement of 18638 and 19566)/18850.

•The major weekly resistance is around 19566 (26th Jan 2017 high) and any break above will take the index till 19698/20000. The minor resistance is around 19300/19390.

It is good to sell on rallies around 19300 with SL around 19500 for the TP of 19105/19000/18850.

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