FxWirePro: Nikkei225 Faces Support at 100 Day 4H MA, Good to Sell on Rallies
- Major resistance - 16985 (11 May High)
- Major support - 16375 (100 day 4H MA)
- Nikkei index has slightly recovered after making a low of 16409 . It is currently trading around 16525.
- Short term trend is slightly bearish as long as resistance 17000 holds.
- The index major resistance is around 17000 and any break above will take the index to next level 17300/17525.The minor resistance is at 16800.
- On the lower side major support is around 16375 (100 day 4H MA) and break below targets till 16200/16000/15800 in short term.
- Short term trend reversal can be seen only below 15000.
It is good to sell on rallies around 16750 with SL around 17000 for the TP of 16355/16200