FxWirePro: Nikkei225 trades lower on weaka global markets, good to sell on rallies

• Nikkei is continuing its losing streak for fifth consecutive days after hitting hitting 25 year high at 23525. The index is trading slightly weak on account of slight bullishness in yen and weak US stock market. US Dow declined 135 point and closed at 3- week low. Nikkei hits low of 21830 and is currently trading around 22164 0.33% higher.
   
• USD/JPY has broken low of 112.95 made on Oct 31st 2017 and shown a minor jump till 113.03. The pair bullish continuation can be seen if it closes above 114.45 (161.8% fibo) level. On the lower side, major support is around 112.18 (233- day MA) and any close below will take the pair till 111.68 (100- day MA)/111.13. It is currently trading around 112.97. 
   
• On the lower side, index major support is around 21746 (34 -day EMA) and any break below will drag the index down till 21500/21313 (55- day EMA).
   
• The near term resistance is around 22800 and any break above will take the index to next level till 23000/23200/23480.

It is good to sell on rallies around 22300-350 with SL around 22600 for the TP of 21840/21745.