FxWirePro: Nikkei upside capped by 200- day MA, good to sell on rallies

Asian markets are trading weak failing to follow wall street gains.US markets recovered slightly after declining more than 400 points. Global markets has declined sharply on Turkish turmoil. Turkish lira has recovered slightly from life time low after a huge sell--off. The yen declined more than 100 pips from the low of 110.11.US markets closed slightly higher with Dow Jones 25299 (0.45% higher) and S&P500 2839 (0.64% higher).Shanghai has started to decline after showing a minor recovery till 2806. The index lost more than 1.4% and is currently trading around 2741.  USD/JPY which is the main indicator of geo political tension is trading slightly higher after huge decline. US futures is trading flat with Dow Jones at 25256 (0.26% lower) and S&P500 2833 (0.21% lower). Nikkei is currently trading around 21155 0.92% lower.
 

USD/JPY has gained more than 100 pips from the low of 110.11.It is currently trading around 111.25 (0.09% higher).
 

On the lower side, index major support is around 21750 and any break below will drag the index down till 21460/21200.
 

The near term resistance is around 22386 (200- day MA) and any convincing break above will take the index to next level till 22438 (10- day MA)/22800/23040.

It is good to sell on rallies around 22200-250 with SL at 22435 for the TP of 21760/21500.