- Major resistance – 17170 (trend line joining 19990 and 17745 )
- Major support – 16650 (55 day EMA)
- Nikkei index has made a high of 17037 and declined from that level.It is currently trading around 16962.
- Short term trend is slightly bullish as long as support 16650 holds.
- The index major resistance is around 17170 and any break above will take the index to next level 17300/17525.
- On the lower side major support is around 166500 (55 day EMA) and break below targets till 16410/16200/16000/15800 in short term.
- Short term trend reversal can be seen only below 15000.
It is good to buy around 16850 with SL around 16650 for the TP of 17170/17525/17685
The material has been provided by InstaForex Company – www.instaforex.com