FxWirePro: Nikkei mirrors weakness on Wall Street and declines more than 3%, good to sell on rallies

Asian markets is trading extremely lower on massive sell-off in technology stocks in Wall Street especially Apple. NASDAQ has lost more than 2.5% led by heavily weighed Apple which has declined nearly 5% as most of suppliers has cut its forecast. US markets closed lower with Dow Jones at 25387 (2.32% lower) and S&P500 at 2726 (1.97% lower).Chinese market shanghai is trading slightly lower compared to huge sell-off in other Asian market and lost nearly 0.5%. It is currently trading around 2621 0.32% lower.Nikkei has lost more than 600 points from high of 22330. It is currently trading around 22300 (0.76% lower).

USDJPY declined more than 50 pips after hitting high of 114.23. The near term major resistance is around 114.25 and any break above targets 114.55. It is currently trading around 113.77.

On the lower side, near term support is around 21400 and any break below targets 21000/20800.

The near term resistance is at aid 22430 (7- day MA) and any break above targets 22600/22800.

It is good to sell on rallies around 21800-850 with SL around 22100 for the TP of 20800.