FxWirePro: Nikkei trades slightly lower on trade jitters, good to sell on rallies

Asian markets is trading mixed especially Nikkei trading flat. US markets has closed well above 1% after sell-off in previous week. Asian markets are struggling to rebound as US President is planning to impose further tariffs on $200 billion in Chinese imports to 25% from 10%. Markets eye US President Trump and Chinese PM meeting to happen in Buneos Aires later this week. Chinese market Shanghai is consolidating after a more than 2.5% sell-off. It is currently trading around 2580 0.20% higher.Nikkei is trading slightly lower and declined nearly 200 points from high of 22089. It is currently trading around 21889 (0.45% lower).

USDJPY has broken major resistance of 113.25 and jumped till 113.65. The near term major support is around 112 and any break below targets 111.37. It is currently trading around 113.45.

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

The near term resistance is at 22175 (55- day EMA) and any break above targets 22335 (89- day EMA)/22550.

It is good to sell on rallies around 22100-150 with SL around 22340 for the TP of 21400.