FxWirePro: Nikkei225 Faces Strong Resistance at 17000, Good to Sell on Rallies
- Major resistance - 17000 (100 day EMA)
- Major support - 16350 (10 day EMA)
- Nikkei index has recovered strongly yesterday on account of weaker yen .The index has made a high of 16795 and closed at 16775.It is currently trading around 16572.
- Short term trend is slightly bullish as long as support 15800 holds.
- The index major resistance is around 17000 (100 day EMA) and any break above will take the index to next level 17300/17525.
- On the lower side major support is around 16350 and break below will drag the index down till 16000/15800 in short term.The minor support is at 16500.
- Short term trend reversal can be seen only below 15000.
It is good to sell on rallies around 16750-800 with SL around 17000 for the TP of 16350.