FxWirePro:Nikkei225 declines slightly on stronger yen, good to buy on dips
Nikkei225 reached high of 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 bullish as long as support 164…
Nikkei225 reached high of 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 bullish as long as support 16420 (100- day MA).
Technically in the daily chart the index is trading around Kijun-Sen (16737) and well above Tenken-Sen (16615). Any break below Tenken-Sen confirms minor weakness.
On the higher side, resistance is around 17000 and any break above targets 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 buy on dips around 16600 with SL 16465 for the TP of 16835/17000
