FxWirePro: Nikkei trades lower on declining US stock futures and weak Chines retail sales data, good to sell on rallies

Asian markets is trading weak especially Nikkei declined more than 1% on account of weak Chinese data . Chinese retail sales came at 8.1% compared to forecast of 8.8%.US markets has closed flat yesterday but US futures has lost more than 0.5% with Dow Jones trading at 24411 (0.63% lower) and S&P500 2627 (0.65% lower).The US 10 year yield is trading slightly lower and lost more than 1%. and US 2 year yield (2.754%) is trading above US 5 year (2.73%). Shanghai is trading lower and is currently trading around 2617 (0.63% lower).Nikkei recovered more than 4% from low of 20948 and is currently trading around 21873(0.52% higher).

USDJPY is trading lower after a jump till 113.70 and is currently trading around 113.45.The near term major resistance is around 114 and any break above targets 114.25/114.55.

On the lower side, near term support is around 21400 and any break below targets 21174/21000.

The near term resistance is at 21800 and any break above targets 22000/22217 (89- day EMA)/22500.

It is good to sell on rallies around 21750-800 with SL around 22000 for the TP of 21170/21000.