FxWirePro:Nikkei225 faces strong resistance at 17000, good to sell on rallies

• Nikkei225 has slightly retreated after making a high of 16814 yesterday. It is currently trading around 16639.
   
• The index should break the temporary top formed at 16930 (Jul 21st 2016 high) for further bullishness.
   
• Short term trend is slightly bearish as long as resistance 17000 holds. 
   
• Any break above 17000 will take the index to next level 17150/17500. Extreme bullishness can be seen  if the index breaks above 17120 (200 day MA).
   
• On the lower side immediate support is around 16590 (90 H EMA) and any break below targets 16410/16200/16000.

It is good to sell on rallies around 16800 with SL 17000 for the TP of 16420/16240