FxWirePro: Nikkei Daily Outlook

Asian markets are trading mixed with slight decline in Nikkei . The slight decline in index was led by chip related stocks following foot steps of US. Markets eye US- China trade talks. The wall street journal has reported that the talks between US and China is expected to take place on Aug 21st and 22nd. US markets closed higher with Dow Jones 25669 (1.58% higher) and S&P500 2850 (0.33% higher).Shanghai has broken major support 2690 low made on Jul 2018.It hits low of 2658 at the time of writing. US futures is trading flat with Dow Jones at 25692 (0.09% higher) and S&P500 2849 (0.02% higher). Nikkei is currently trading around 22198 0.21% lower.
 

USD/JPY has lost nearly 70 pips from the high of 111.05. It is currently trading around 110.55 (0.08% higher).
 

On the lower side, index major support is around 21750 and any break below will drag the index down till 21460/21200.
 

The near term resistance is around 22382 (200- day MA) and any convincing break above will take the index to next level till 22438 (10- day MA)/22800/23040.

It is good to sell on rallies around 22200-250 with SL at 22435 for the TP of 21760/21500.