FxWirePro: Nikkei recovers slightly on yen weakness, good to sell on rallies

• Nikkei has shown a minor recovery almost 350 points from the low of yesterday till 23079. The slight recovery was mainly due to slight weakness in JPY. The huge rise in U.S 10 year bond yields will prevent Asian market for further jump. It is currently trading around 23403 0.58% higher.
  
• US dollar is still trading weak after the US FOMC meeting. The central bank has kept its interest rate unchanged at 1.25%-1.50%. Fed was optimistic in its statement and has stated that employment and household spending and business fixed investment was solid and the unemployment rate was low. The fed was more hawkish and market eyes US ADP and Non-farm payroll data for further direction.
  
• USD/JPY has shown a 100 pips jump from the low of 108341 made yesterday. It is currently trading around 109.30. The near term resistance is around 109.60 and any break above will take the pair to next level till 110/110.35.
  
• On the lower side, index major support is around 23000 and any break below will drag the index down till 22655 (61.8% fib)/22500.
  
• The near term resistance is around 23361 (23.6% fib) and any break above will take the index to next level till 23710 (100- 4H MA/24000.

It is good to sell on rallies around 23350-400 with SL at 23610 for the TP of 23000/22655.