The index formed a major top around 20319 on Jun 20 20177 and further bullish continuation can be seen only above this level. It is currently trading around 19988 0.07% higher.
USDJPY has declined slightly after hitting a high of 112.92. Short term trend is still bullish as long as support Any break above 112.12 confirms bullish continuation , a jump till 113 likely.It is currently trading around 111.82.
On the lower side, index has broken major trend line support at 20000 (trend line joining 19277 and 19744) and any break below will drag the index down till 19735 (55- EMA)/19520 (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 20000-20050 with SL around 20320 for the TP of 19458/19277.
USDJPY has declined slightly after hitting a high of 112.92. Short term trend is still bullish as long as support Any break above 112.12 confirms bullish continuation , a jump till 113 likely.It is currently trading around 111.82.
On the lower side, index has broken major trend line support at 20000 (trend line joining 19277 and 19744) and any break below will drag the index down till 19735 (55- EMA)/19520 (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 20000-20050 with SL around 20320 for the TP of 19458/19277.
