FxWirePro: Nikkei225 faces strong resistance at 16800, good to buy on dips
Nikkei225 is consolidating after jumping till 16764 level.It is currently trading around 16734. The index jumped sharply yesterday compared all other asian indices on account of weaker yen.The yen depreciation is positiv…
Nikkei225 is consolidating after jumping till 16764 level.It is currently trading around 16734.
The index jumped sharply yesterday compared all other asian indices on account of weaker yen.The yen depreciation is positive Japan's economy and it is expected to boost country's exports.
The index is facing resistance around 16800 and any break above will take the nikkei to next level 16930. Any close above 17000 confirms further bullishness 15500/15300.
Short term trend is slightly bullish as long as the index not able to break below 16200.
On the lower side, any break below major intraday support 16670 (hourly Kijun-Sen) and any break below 16670 will drag the pair 16550 (200- HMA)/16400.The minor support is around 16580/16410.
It is good to buy on dips around 16450-500 with SL 16200 for the TP of 16800/1700.
