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