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2016.08.2922:57:00UTC+00Fxwirepro: Nikkei225 Faces Strong Resistance at 16800, Good to Buy on Dips

  • Nikkei225 is consolidating after jumping till 16764 level.It is currently trading around 16734.
     
  • The index jumped sharply yesterday compared all other asian indices on account of weaker yen.The yen depreciation is positive Japan's economy and it is expected to boost country's exports.  
     
  • The index is facing resistance around 16800 and any break above will take the nikkei to next level 16930. Any close above 17000 confirms further bullishness 15500/15300. 
     
  • Short term trend is slightly bullish as long as the index not able to break below 16200. 
     
  • On the lower side, any break below major intraday support 16670 (hourly Kijun-Sen) and any break below 16670 will drag the pair 16550 (200- HMA)/16400.The minor support is around 16580/16410.

    It is good to buy on dips around 16450-500 with SL 16200 for the TP of 16800/1700.

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