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Nikkei225 faces strong support at 21- day EMA, close below targets 19000

Nikkei has shown a temporary top around 19700 at Mar 14th 2017 and declining continuously from that level. It is currently trading at 19446 0.1% higher. 

•The index declined slightly yesterday on account of stronger yen. USD/JPY shown a minor weakness and pair dipped till 112.55 . Any close below 100-  day EMA /(112.35) will drag the pair down till 111.59/111. It is currently trading around 112.53.   

• On the lower side , 19400 (21- day EMA) and any break below will drag the index till 19190/19128  (trend line joining 18224 and 18973). 

•The major resistance is around 19698 (Jan 9th 2017 high) and any break above will take the index till 19917 (161.8% retracement of 19566 and 18986)/20000.  The minor resistance is around 19327 (daily Tenken-Sen)./19400.

It is good to sell on rallies around 19500-525 with SL around 19700 for the TP of 19190/19000


 

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