02.06.201622:50:00UTC+00Fxwirepro: Nikkei225 Faces Resistance at 100 Day 4ema, Good to Sell on Rallies

• Major support - 16,400 
   
• Nikkei Index has snapped its early gains made today morning .It has declined around 0.12% today at the time of writing. and  currently trading around 16582.
   
• Short term trend is  slightly weak as long as resistance 17250 holds.
   
• The index major resistance is around 16730 (100 day 4HMA) an any break above will take the index to next level 17000/17250. 
    
• On the lower side major support is around 16,370 (61.8% retracement of 15815 and 17247)  and break below targets  till 16,200/16,000/15,800 in short term.
    
• Short term trend reversal  can be seen only below 15,000.

It is good to sell on rallies around 16700-750 with SL around 17000 for the TP of  16250/16000