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FxWirePro:Nikkei faces strong resistance at 19700,good to sell on rallies

Nikkei225 breaks major psychological support at 19300 and declined slightly till 19241 yesterday  .The slight jump in yen has made index to decline till 19241. It is currently trading around 19348 0.1% higher.


•USD/JPY has retreated after showing a slight jump till 116.34 and any break below 115 level confirms further weakness.

•Technically index is slightly trading below 200- HMA and any close below that level will drag the index down till 19218/19090

•On the higher side, major intraday resistance is around 19430 (89- H EMA) and any close above will take the index till  19700/20000/20280 in the short term.

•The index immediate is at 19218 and any break below will drag the index down 19090 (61.8% retracement of 19653 and 18939)/19000.

•The index should break below 18000 for further weakness.

It is good to sell on rallies around 19400-450 with SL around 19700 for the TP of 19220/19090.

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