FxWirePro: Nikkei slips as US yields 3- year high, good to sell on rallies

• Nikkei has shown a major decline of almost 600 points from yesterday high of 23779. The major reason for slight decline was due to huge sell off in USD/JPY pair. US Dow and S&P 500 slips from the year high as US 10 year yields hits 3 year high. It is currently trading around 23283 1.12% lower. 
   
• US 10 year yield rose above 2.70% for the first time since 2014.Markets awaits Fed policy meeting which is to be happen on Wed. Any hawkish statement by Fed would be supportive for US dollar and bond yields.
   
• USD/JPY has declined almost 50 pips after showing a minor recovery till 109.20 yesterday. The pair dipped till 108.66. It is currently trading around 108.77. 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 23200 (233- 4H MA) and any break below will drag the index down till 23000/22655 (61.8% fibo).
   
• The near term resistance is around 23456 (23.6% fibo) and any break above will take the index to next level till 23734 (4H Kijun-Sen)/24000.

It is good to sell on rallies around 23450-500 with SL at 23750 for the TP of 23000/22655.