FxWirePro: Nikkei225 Trades Weak on Stronger Yen, Good to Sell on Rallies

FxWirePro: Nikkei225 Trades Weak on Stronger Yen, Good to Sell on Rallies

2 June 2016, 06:43
Roberto Jacobs
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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

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