FxWirePro: Nikkei225 faces support at 100 day 4H MA, good to sell on rallies

• Major resistance  - 16985 (11 May High)
   
• Major support - 16375 (100 day 4H MA)
   
• Nikkei index has slightly recovered after making a low of 16409 . It is currently trading around 16525.
   
• Short term trend is  slightly bearish as long as resistance 17000 holds.
   
• The index major resistance is around 17000 and any break above will take the index to next level 17300/17525.The minor resistance is at 16800. 
    
• On the lower side major support is around 16375 (100 day 4H MA)  and break below targets  till 16200/16000/15800 in short term.
    
• Short term trend reversal  can be seen only below 15000.

It is good to sell on rallies around 16750 with SL around 17000 for the TP of 16355/16200