FxWirePro: Nikkei recovers strongly on weak yen, good to sell on rallies

Asian markets is trading mixed especially Nikkei trading slightly lower. US markets were trading weak on Black Friday and closed more than 0.5% lower. The drag was mainly led by Energy stocks. Brent Crude lost more than 7% on Friday and is trading below $60. Chinese market Shanghai is consolidating after a more than 2.5% sell-off. It is currently trading around 2583 0.27%.Nikkei is trading slightly higher and jumped nearly 500 points from low of 21489. It is currently trading around 21969 (1.45% higher).

USDJPY has jumped nearly 100 pips from low of 112.30. The near term major support is around 112 and any break below targets 111.37. It is currently trading around 113.23.

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

The near term resistance is at 22000 and any break above targets 22400/22600.

It is good to sell on rallies around 22000 with SL around 22100 for the TP of 20800.