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FxWirePro: Nikkei trades weak on tightening US election race, good to sell on rallies

  • Major resistance - 17500 (trend line joining 16930 and 17159)
     
  • Nikkei225 pared its gains yesterday on account of tightening US election race  and  stronger yen. It is currently trading around 17152.
     
  • The index declined sharply  till 17137 at the time of writing after jumping till 17479 yesterday. All Asian indices was trading weak as Reuters/Ipsos opinion poll released on Monday shows Trumph leads by 1-2 percentage points against his rival Hilary Clinton.
     
  • Technically index is well below 10- day MA bullish and it confirms minor weakness, decline till 17075 (21- day MA)/16860 (daily Kijun-Sen)
     
  • On the higher side, resistance is around 17500 and any break above will take the index to next level till 17695/18000.

It is good to sell on rallies around 17300 with SL 17500 for the TP of 16870.

  • Market Data
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