FxWirePro: Nikkei225 Faces Strong Support at 16300, Good to Buy at Dips
- Major resistance - 16985 (100 day EMA)
- Major support - 16425 (10 day EMA)
- Nikkei index has declined yesterday after making a high of 16805 at the time of writing.It is currently trading around 16459.
- Short term trend is slightly weak as long as resistance 17000 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 16425 (10 day EMA) and break below will drag the index down till 16350/16000/15800 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.