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FxWirePro: Nikkei declines from high of 17294, good to buy on dips

Monday, October 24, 2016 2:14 AM UTC

Nikkei225 rises to fresh six month high on Friday till 17294 and started to decline from that level.It is currently trading around 17164.
Technically in the daily chart the index is facing strong resistance at 17322 and any further bullishness can be seen only above that level. Minor weakness can be seen below 17050 (7- day EMA).
On the higher side, resistance is around 17322 (161.8% retracement of 17062 and 16641) and any break above targets 17420 (trend line joining 16930 and 17159)/17695.
The major support is around 17052 (7- day EMA) and any break below targets 16970 (10- day MA) /16805 (21- day MA)/16640 (61.8% retracement of 16253 and 17294)..

It is good to buy on dips around 17100 with SL 16985 for the TP of 17322/17695.

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FxWirePro: Nikkei declines from high of 17294, good to buy on dips

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