FxWirePro: Nikkei catches global sell off flu and lost more than 4%, good to sell on rallies

Asian markets is trading slightly extremely lower on heavy sell off in US markets. US markets especially Dow Jones lost more than 800 points highest level in  months and NASDAQ declined more than 4% , S&P500 lost more than 3% especially Apple and Amazon had worst day in 2-1/2 years.The rising bond yield and trade war are the main reason for Wall street sell off.Nikkei has lost more than 1000 points following footsteps of global market. It is currently trading around 22491 -0.84% lower.

USD/JPY `has shown a selling of more than 100pips after hitting high of 113.28.The pair is trading at 112.14 and a break below 112 (55- day EMA) confirms intraday weakness.

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.