FxWirePro: Nikkei continues to trade weak following footsteps of Wall street, good to sell on rallies

Asian markets trades lower following footsteps of Wallstreet. US markets has closed weak especially NASDAQ declined more than 2%.US futures is trading flat with Dow at 24766 (0.04% lower) and S&P500 2668 (0.08% lower).Chines markets shanghai has lost more than 1% in today’s trade. The index has lost more tahn 60 points from high of 2626. Nikkei has recovered more than 3% from low of 20795. It is currently trading around 21290 (0.17% lower).

USDJPY is trading weak on stock market sell-off and lost more than 100 pips on Friday and shown a minor recovery. The near term major support is around 111.17 (trend line support) and any break below targets 111/110.35. It is currently trading around 111.88.

On the lower side, near term support is around 20790 and any break below targets 20560/20350.

The near term resistance is at aid 21440 and any break above targets 21727/21000

It is good to sell on rallies around 21480-500 with SL around 21740 for the TP of 20560.