FxWirePro: Nikkei225 trades in narrow range,good to sell on rallies

• Major support - 16400 (daily Kijun-Sen).
   
• Nikkei225 has slightly recovered after making a low of 16405 yesterday. It is currently trading around 16547.
   
• The index is facing major support at 16400 (daily Kijun-Sen) and any break below will drag the index till 16200/16035. It should break below  15800 (cloud bottom) further weakness.Any violation below 15800 will drag the index to next immediate support 15500/15300. 
   
• Short term trend is slightly bearish as long as the index not able to close above psychological resistance 17000. 
   
• 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 17168 (200 day MA).

It is good to sell on rallies around 16650-700 with SL 17000 for the TP of 16400/16200/16000.