FxWirePro: Nikkei225 struggles to close above 17000, good to sell on rallie

• Nikkei225 is trading slightly up 0.01 in the Asian session after declining sharply on Friday. Japanese index has made a low of 16727 yesterday yesterday and slightly recovered from that level.. It is currently trading around 16892.
   
• It has formed almost a double top at 16967 and started to decline from this level.
   
• Technically in the daily chart the index is trading  slightly above 4 H Kijun-Sen (16742) but slightly below 4H Tenken-Sen (16805).But it should break above psychological level at 17000 for further bullsihness.
   
• On the higher side, resistance is around 16805 and any break above targets 17000/17159.Nikkei should break above 17159 for further bullishness.
   
• The major support is around 16680 (200-4 H MA )and any break below targets 16605 (100- 4H MA)/16500.

It is good to sell on rallies around 16900-950 with SL 17160 for the TP of 16610/16505