FxWirePro: Nikkei recovers from 4- month low after North Korea fears eases, good to sell on rallies

• Nikkei has shown a rebound after hitting 4- month low after North Korea fears eased. The index recovered after forming a bottom at 19144 yesterday. The slight jump in Nikkei was also due to slight weakness in yen. It is currently trading around 19457 0.08% lower.
   
• USD/JPY has jumped sharply after forming a temporary bottom at 108.27. The minor resistance is around 110 and any minor jump can be seen above that level. It is currently trading around 109.68.The major short term support is around 108 and any break below targets 106.
   
• On the lower side, index major support is around 19410 (200-day MA) and any daily 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 19610 (21- day EMA) and break above will take the index to 19743 (55- day EMA)/20000/20319 (Jun 20th 2017).Short term bullish invalidation only below 19275.

It is good to sell on rallies around 19450-480 with SL around 19700 for the TP of 19000/18550.