FxWirePro: Nikkei225 Faces Strong Support at 17200, Good to Buy at Dips
- Major resistance - 17200 (55 day 4 HEMA)
- Nikkei index is trading slightly positive around 0.31% in the morning session after Fed have kept interest rates unchanged.But markets awaits BOJ decision for further direction.
- The index has recovered after making a low of 17210 yesterday. It is currently trading around 17545.Short term trend is slightly bullish as long as support 17200 holds.
- The index major resistance is around 17600 and any break above will take the index to next level 17800/18150/18300/18500.
- On the lower side major support is around 17200 and break below will drag the index down till 16900/16650 (200 day 4 HMA) in short term. The minor support is around 17500 (7 day 4 EMA).
- Short term weakness can be seen only below 15000.
It is good to buy at dips around 17400 with SL around 17200 for the TP of 17800/18000
The material has been provided by InstaForex Company - www.instaforex.com