Asian markets is trading slightly lower with Nikkei marginally higher at 0.19% . Nikkei declined almost 900 points from 27 year high of 24478in three trading session due to rising US 10 year bond yield and slight weakness in US markets. US markets closed lower yesterday especially NASDAQ losing more than 1.5%.Nikkei hits low of 23615 and is currently trading around 23813.
USD/JPY `has shown a minor selling of 50 pips after hitting 11 year high of 114.06.The pair is trading at 113.92 and a jump till 114.70 is possible
On the lower side, index near term support is around 23494 and any break below will drag the index down till 23200. The major long term support is around 21750.
The near term resistance is around 24500 and any convincing break above will take the pair to next level 24725/25000.
It is good to sell on rallies around 24025-24050 with SL at 24250 for the TP of 23200.
