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FxWirePro: Nikkei225 faces strong resistance at 16600, good to buy at dips

Monday, July 18, 2016 3:12 AM UTC

Major Support -16178 (55 day EMA)
Major Intraday resistance- 16640 (Cloud top)
Nikkei225 is trading in narrow range between 16399 and 16640 It is currently trading around 16546.
The index upside upside has been capped by ichimoku cloud (16640) and any break above confirms further bullishness.
On the lower side immediate support is around 16178 (55 EMA) and any break below targets 16000/15830.
The Nikkei225 is facing resistance around 16640 and any break above targets 16850/17000/17250.

It is good to buy on dips around 16400 with SL around 16165 for the TP of 16840/17000.

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FxWirePro: Nikkei225 faces strong resistance at 16600, good to buy at dips

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