FxWirePro: Nikkei225 faces strong resistance at 200-day MA,sell on rallies
Nikkei225 has jumped till 16665 and started to decline from that level of stronger yen.It is currently trading around 16406. Short term trend is slightly bullish as long as resistance 16665 (200- day MA) holds. Technical…
Nikkei225 has jumped till 16665 and started to decline from that level of stronger yen.It is currently trading around 16406.
Short term trend is slightly bullish as long as resistance 16665 (200- day MA) holds.
Technically in the daily chart the index is trading well below Kijun-Sen (16705) and well above Tenken-Sen (16585).It should break above 200- day MA for slight bullishness.
On the higher side, resistance is around 16518 (10- day MA) and any break above targets 16665 (200- day MA)/16705 (daily Kijun-Sen)/ 17000/17159.Nikkei should break above 17159 for further bullishness.
The major support is around 16250 (38.2% retracement of 14823 and 17159) and any break below targets 16000.
It is good to sell on rallies around 164450-16500 with SL 16665 for the TP of 16260/16000
