Nikkei225 –Bremain may trigger break above 21 day MA

FX:JPN225   Nikkei 225 Index
114 0 6
Major support -15500 (200 WMA )

Major resistance – 16400 (21 day MA)

The index is trading well above 16000 on hopes that UK will stay in EU. It is currently trading at 16205.Short term trend is slightly bullish as long as support 15500 (200 W MA) holds.

The index major resistance is around 16404 (21 day MA) and any break above 16405 will take the index to next level till 16825 ( 61.8% retracement of 17770 and 15260)/17000. The index should break above 17420 for further bullishness.

If the UK stays in EU could trigger break above 21 day MA (16405).

It is good to buy above 16400 with SL around 15900 for the TP of 17000/17405

If the UK leaves EU –Break below 200 WMA may happen.

It is good to sell below 15500 with SL around 15900 for the TP of 14770/14500
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