FxWirePro: Nikkei trades choppy as markets await Fed rate decision, good to sell on rallies

Asian markets is trading choppy following footsteps of US markets.US markets was closed flat after hitting 14-month low on global growth worries. Markets await US Fed monetary policy for further direction. Fed is expected to hike rates by 25bpbs and futures trading put chance of a hike at 71%. The US 10 year yield is trading lower and hits fresh 4-month low after breaking 2.817% low made on Dec 10th 2018.US 2 year yield (2.65%) is trading above US 5 year (2.649%). Shanghai is trading down and is currently trading around 2562 (0.54% lower). Nikkei futures is trading weak sightly below 21000 and is currently trading around 21010 (0.43% lower).

USDJPY takes support near trend line support and shown a minor recovery. It is currently trading around 112.38.The near term major support is around 112.20 (trend line support) and any break below targets 111.37.

On the lower side, near term support is around 20800 and any break below targets 20500/20280.

The near term resistance is at 21340 and any break above targets 21670/21800/22000.

It is good to sell on rallies around 21350-380 with SL around 21625 for the TP of 20800.