Major support – 18900 (trend line joining 18638 and 18778)
Nikkei breaks major support 18900 in the previous week but closed slightly above that level. The index declined slightly after once again breaking the support of 18900 in this week.
The index is trading weak on account of stronger yen and the pair has broken major support of 112 and declined till 111.59 in this week. It is expected to decline till 110.45 in the short term.
On the lower side , 18638 low formed on Jan 18th 2017 will be acting as next immediate support and any break below targets 18426 (20- W EMA)/18067 (30- W EMA).
The major weekly resistance is around 19293 (7- W MA) and any break above will take the index t ill 19566/19698 (Jan 9th 2017 high).
It is good to sell on rallies around 19000-19025 with SL around 19300 for the TP of 18450/18100.