FxWirePro: Nikkei225 Faces Strong Support at 200 Day 4H MA, Good to Buy at Dips
- Major resistance - 16985 (11 May High)
- Major support - 16450 (200 day 4H MA)
- Nikkei index has slightly recovered after making a low of 16690. It is currently trading around 16690.
- Short term trend is slightly bullish as long as support 16400 holds.
- The index major resistance is around 17000 and any break above will take the index to next level 17300/17525.
- On the lower side major support is around 16450 (200 day MA) and break below targets till 16320/16000/15800 in short term.
- Short term trend reversal can be seen only below 15000.
It is good to buy at dips around 16600 with SL around 16450 for the TP of 16800/17000