FxWirePro: Nikkei Daily Outlook

• The index is consolidating in narrow range for the past two weeks between 20319 and 19744 . The index trend is till bearish as long as resistance 20319 on Jun 20 2017 and further bullish continuation can be seen only above this level. It is currently trading around 19645 0.27% higher.
   
•  USDJPY hits two week high at 113.84 at the time of writing on account of rising U.S bond yields. Intraday trend is still bullish as long as support 112.70 holds. The near term resistance is around 114.36 and any break above targets 115.50. Minor bearishness can be seen below 111.75 (100- day MA).It is currently trading around 113.75.
   
• On the lower side, index major support is around 19795 (55- day EMA) and any break below will drag the index down till 19585 (89 EMA)/19277 (May 18th 2017 low).
• The near term resistance of Nikkei is around 20400 (trend line joining 20019 and 20230) and break above will take the index to 20477 (161.8% retracement of 20019 and 19277) /20530 (161.8% retracement of 20220 and 19744)/20649 (161.8% retracement of 19698 and 18193).
• Short term bullish invalidation only below 19275.

It is good to sell on rallies around 20120-20150 with SL around 20320 for the TP of 19458/19277