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FxWirePro: Nikkei hits lowest level since Aug 22, good to sell on rallies

Asian markets are trading lower especially Nikkei lost more than 1% as news circulating that Japan’s auto industry will be next target for Donald Trump.The index decline was mainly led by chip equipment makers and export related companies especially auto makers. US markets has closed mixed with Dow Jones 25955 (0.20% higher) and S&P500 2878 (0.37% lower) and NASDAQ 7923 (0.90% lower). US futures are currently trading slightly lower with Dow Jones 25966 (0.02% lower) and S&P500 2896 (0.07% lower). Nikkei is trading around 22480 (0.12% higher).
 

USD/JPY has lost more than 125 pips from the high of 111.75 and is currently trading around 110.52 (0.19% lower).
 

On the lower side, index near term support is around 22100 and any break below will drag the index down till 22000. The major long term support is around 21750.
 

The near term resistance is around 22370 and any convincing break above will take the index to next level till 22542/22800.


It is good to sell on rallies around 22275-300 with SL at 22500 for the TP of 22100.

 

 

 

 

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