FxWirePro: Nikkei225 Tumbles on Weaker US Jobs Data, Good to Sell on Rallies

FxWirePro: Nikkei225 Tumbles on Weaker US Jobs Data, Good to Sell on Rallies

6 June 2016, 06:35
Roberto Jacobs
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FxWirePro: Nikkei225 Tumbles on Weaker US Jobs Data, Good to Sell on Rallies

  • Major support - 16,250 ( 50% retracement of 1770 and 14770) 
  • Nikkei Index has has broken minor support 16410 and declined till 16252 on Friday due to weaker than expected US Non-farm payroll. It is currently around 16432. 
  • Short term trend is  slightly weak as long as resistance 17000 holds. 
  • The index major resistance is around 16650 (21 day MA) an any break above will take the index to next level 17000/17250.   
  • On the lower side major support is around 16,250 (50% retracement of 14770 and 17770)  and break below targets  till 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

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