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FxWirePro: Nikkei Daily outlook

Asian markets is trading mixed with Nikkei trading slightly lower on continuing sell-off in US markets . US markets especially Dow Jones lost more than 500 points  and S&P500 2728 (2.06%) .Shanghai is trading extremely weak lowest level in 4 years and has lost more than 1.5%. It is currently trading around 2548.The rising bond yield and trade war are the main reason for Wall street sell off.Nikkei has lost more than 1300 points this week following footsteps of global market. It is currently trading around 22481 -0.01% lower. US futures has shown massibe recovery with S&P500 recovered more than 50 points from low of 2708 and is trading around 2759 (0.57% higher).

USD/JPY `has shown a minor recovery after hitting low of 111.83. The pair is facing strong support at 111.78 (10- day MA) and any break below confirms further weakness. It is currently trading around 112.26.

On the lower side, near term support is around 22380 (200- day MA) and any break below 22158/21750..

The near term resistance is at aid 22600 and any break above targets 22989 (89- day EMA)/23250.

It is good to sell on rallies around 23850-900 with SL around 23250 for the TP of 21750.

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