FxWirePro: Nikkei Daily outlook

Asian markets is trading weak with Nikkei trading slightly lower on slight strength in yen and trade war worries. US markets especially Dow Jones has recovered slightly after continuous four days of selling with Dow Jones up 287 points at 25340 and S&P500 2767 (1.42%) .Shanghai is trading weak after a more than 80 points. It is currently trading around 2592 0.41% lower.The rising bond yield and trade war are the main reason for Asian market sell-off.Nikkei has lost more than 1300 points previous week and continuing its weakness.It is currently trading around 22348 -0.70% lower. US futures is trading slightly lower 25278 0.19% lower and S&P5002759 (0.19% lower).

USD/JPY `is consolidating after hitting low of 111.83. The pair is facing strong support at 111.78 (10- W MA) and any break below confirms further weakness. It is currently trading around 112.11.

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.