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FxWirePro: Nikkei225 trades lower,good to buy on dips

  • Nikkei225 has broken minor support 16616 (daily Kijun-Sen) and declined till 16566 at the time of writing.  any 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 bearish as long as resistance 17000 holds.
     
  • Technically in the daily chart the index is trading below Kijun-Sen (16735) and well above Tenken-Sen (16615).
     
  • On the higher side, resistance is around 16737 (daily Kijun-Sen) and any break above targets 17000/17159.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 sell on rallies around 16700-750 with SL 17000 for the TP of 16450/16260

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