- Nikkei225 declined sharply after making a high of 16987 yesterday.Japanese index has made a low of 16829 yesterday and recovered slightly from that level. It is currently trading around 16704.
- Technically in the daily chart the index breaks 10- day MA at 16785 and declined till 16685 at the time of writing.
- On the higher side, resistance is around 17159 (Sep 2nd 2016 high) and any break above targets 17300/17500.Nikkei should break above 17159 for further bullishness.
- The major support is around 16657 (daily Kijun-Sen) and any break below targets 16538 (200-day MA).
It is good to sell on rallies around 16900 with SL 17060 for the TP of 16540.