FxWirePro: Nikkei225 Faces Strong Resistance at 16800, Good to Sell on Rallies
- Major support - 16,250 ( 50% retracement of 1770 and 14770)
- Major resistance - 16850 (90 day EMA)
- Nikkei Index has once again pared gains after making a high of 16807 yesterday. It is currently around 16568.
- Short term trend is slightly weak as long as resistance 17000 holds.
- The index major resistance is around 16850 (90 day EMA) an any break above will take the index to next level 17000/17250.
- On the lower side major support is around 16500 (daily Kijun-Sen) and any break below will drag the index down till 16,250 (50% retracement of 14770 and 17770) /15800 in the short term.
- Short term trend reversal can be seen only below 15,000.
It is good to sell on rallies around 16600-650 with SL around 16860 for the TP of 16255/16000