Nikkei :Buy only above break out

FX:JPN225   Nikkei 225 Index
112 0 5
Major resistance - 16400

Major support -15600

The index is consolidating between narrow range 15600 and 16340 for the past five trading session. it is currently trading around 15934.

The index is facing strong resistance around 16340 and any break above 16340 will take the pair to next level 16700/17000. On the lower side minor support is around 15500 and break below targets around 15200/14880 (200 day W MA) /14350/14000

Short term bullishness can be seen only above 16340.

It is good to buy above 16350 with SL around 16000 for the TP of 17000/17270
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