FxWirePro: Nikkei225 Faces Resistance at 100 Day 4EMA, Good to Sell on Rallies
- Major support - 16,400
- Nikkei Index has snapped its early gains made today morning .It has declined around 0.12% today at the time of writing. and currently trading around 16582.
- Short term trend is slightly weak as long as resistance 17250 holds.
- The index major resistance is around 16730 (100 day 4HMA) an any break above will take the index to next level 17000/17250.
- On the lower side major support is around 16,370 (61.8% retracement of 15815 and 17247) and break below targets till 16,200/16,000/15,800 in short term.
- Short term trend reversal can be seen only below 15,000.
It is good to sell on rallies around 16700-750 with SL around 17000 for the TP of 16250/16000