Nikkei takes support near 21- day EMA, good to sell on rallies
Major resistance - 19698 ( Jan 9th 2017)
Nikkei is trading weak for the fourth consecutive days on account of stronger yen.The index slightly declined below 21- day EMA and recovered from that level.It is currently trading at 19354 0.04% lower.
•USD/JPY has taken support near 21- day EMA and jumped slightly from that level.It is currently trading around 113.97.It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side ,19299 (21- day EMA) is acting as next immediate support and any break below targets 18980 (trend line joining 18224 and 18638)/18655 (100 -day EMA) .
•The major resistance is around 19698 (Jan 9th 2017 high) and any break above will take the index till 19917 (161.8% retracement of 19566 and 18986)/20000.
It is good to sell on rallies around 19500 with SL around 19700 for the TP of 19299/19000
Nikkei is trading weak for the fourth consecutive days on account of stronger yen.The index slightly declined below 21- day EMA and recovered from that level.It is currently trading at 19354 0.04% lower.
•USD/JPY has taken support near 21- day EMA and jumped slightly from that level.It is currently trading around 113.97.It's major resistance is around 115 and minor bullishness can be seen above that level.
• On the lower side ,19299 (21- day EMA) is acting as next immediate support and any break below targets 18980 (trend line joining 18224 and 18638)/18655 (100 -day EMA) .
•The major resistance is around 19698 (Jan 9th 2017 high) and any break above will take the index till 19917 (161.8% retracement of 19566 and 18986)/20000.
It is good to sell on rallies around 19500 with SL around 19700 for the TP of 19299/19000