FxWirePro: Nikkei225 retreats from higher levels ,good to sell on rallies

• Pattern Formed- Ascending triangle pattern.
   
• Major resistance- 17000.
   
• Major support - 16350 (trend line joining 15088 and 15894).
   
• Nikkei225 has retreated once again after making a high of 16714. It is currently trading around 16474.
   
• The index is facing minor support at 16430 (daily Kijun-Sen) and any break below will confirm weakness. It should break below trend line support for further weakness.Any violation below 16350 will drag the index to next immediate support 16200/16000/15880. 
   
• Short term trend is slightly bearish as long as the index not able to break the temporary top formed at 16935. 
   
• On the higher side, any break above minor resistance 16800 will take the index to next level 17000/17158 (200 -day MA). Extreme bullishness can be seen  if the index closes above 17158 (200 day MA).

It is good to sell on rallies around 16650-700 with SL 17000 for the TP of 16350/16200/16000.