Nikkei225 breaks major support 16400, decline till 16000 likely

• Major support - 16414 (daily Kijun-Sen).
   
• Nikkei225 has broken major support at 16414 and declined till 16367 at the time of writing .It is currently trading around 16427.
   
• The index fell 0.84% after release of weaker than expected Japan Consumer prices data before market hours. Markets await clues from Fed chairman speech in Jackson hole for further direction. 
   
• Any break below 16414 (daily Kijun-Sen) will drag the index till 16200/16035. It should break below  15913 (cloud top) further weakness.Any violation below 15913 will drag the index to next immediate support 15500/15300. 


• Short term trend is slightly bearish as long as the index not able to close above psychological resistance 17000. 
   
• On the higher side, any break above minor resistance 16670 (daily Tenken-Sen) will take the index to next level 16800/17000 (200 day MA)/17260 (161.8% retracement of 16935 and 16408). Extreme bullishness can be seen  if the index closes above 17000 (200 day MA).

It is good to sell on rallies around 16650-700 with SL 17000 for the TP of 16400/16200/16000.