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FxWirePro:Nikkei trades lower on stronger yen, good to buy on dips

  • Major support -16850 (200- day MA).
     
  • Nikkei225 has formed a temporary top around 17159 and started to decline from that level on account of stronger yen.It is currently trading around 16967.
     
  • Yen rallied sharply against US dollar yesterday from the high of 103.80 till 102.
     
  • The index is facing strong resistance at 17200 and any break above confirms further bullishness , a jump till 17330/17500 can be seen. 
      
  • Short term trend is slightly bullish as long as the index not able to break below 16850 (200-day MA). 
     
  • On the lower side, any break below major intraday support 16850 (200-day MA) and any break below 16850 will drag the pair  till 16525/16400.

It is good to buy on dips around 16950 with SL 16800 for the TP of 17330/17480

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