FxWirePro: Nikkei225 Trades Weak on Stronger Yen, Good to Sell on Rallies
- Major support - 16,680 (200 day 4H MA)
- Nikkei Index has snapped 5 day winning streak on account of stronger yen. It has declined 1.29% today at the time of writing. and currently trading around 16629.
- A stronger yen is generally seen negative for Japanese exporters.
- Short term trend is slightly weak as long as resistance 17256 holds.
- The index major resistance is around 17,250 and any break above will take the index to next level 17,300/ 17,525.
- On the lower side major support is around 16,680 (200 day 4 H MA) and break below targets till 16,410/16,200/16,000/15,800 in short term.The minor support is around 16,900 (100 day EMA)
- Short term trend reversal can be seen only below 15,000.
It is good to sell on rallies around 16850-16900 with SL around 1725 for the TP of 16400/16250