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Fxwirepro:nikkei trades below trend line support, dip till 21800 likely

Source FxWire Pro - Technicals Wednesday, 6 Dec, 2017 03:16:28 GMT
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  • Nikkei falls for fourth consecutive days after forming a temporary top around 22995.The index declined almost 800 points from the high. It has also broken trend line support at 22500.Nikkei is trading weak on global equities sell-off and minor bullishness in Japanese yen. It is currently trading around 22307.
      
  • USD/JPY is showing a selling after a minor jump above 113.The pair jumped till 113.08 and is currently trading around 112.22. The pair’s minor weakness can be seen below 233- day MA at 112. Any daily close below 112 will take the pair to next level till 110.84/110. On the higher side, major resistance is around 113.36 and any convincing break above will take the pair till 114/115. It is currently trading around 112.22.
     
  • On the lower side, index major support is around 22200 (34- day EMA) and any break below will drag the index down till 22000/21750.
     
  • The near term resistance is around 2500  and any break above will take the index to next level till 22820/23000/23200.

It is good to sell on rallies around 22550-600 with SL at 22825 for the TP of 22000/21800.

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