FxWirePro: Nikkei225 trades lower,good to buy on dips
Nikkei225 has broken minor support 16616 (daily Kijun-Sen) and declined till 16566 at the time of writing. any 16918 yesterday and a small amount profit booking started from that level on account of higher yen. It is cur…
Nikkei225 has broken minor support 16616 (daily Kijun-Sen) and declined till 16566 at the time of writing. any 16918 yesterday and a small amount profit booking started from that level on account of higher yen. It is currently trading around 16726.
Short term trend is still bearish as long as resistance 17000 holds.
Technically in the daily chart the index is trading below Kijun-Sen (16735) and well above Tenken-Sen (16615).
On the higher side, resistance is around 16737 (daily Kijun-Sen) and any break above targets 17000/17159.Nikkei should break above 17159 for further bullishness.
The major support is around 16420 (100- HMA) and any break below targets 16260 (38.2% retracement of 14823 and 17159)/16000.
It is good to sell on rallies around 16700-750 with SL 17000 for the TP of 16450/16260
