FxWirePro: Nikkei Daily Outlook

• Asian markets are trading slightly higher amid a looming dealine for US imposing  tariff on China worth $34 billion.Nikkei erased almost 3- month low on rising trade war concerns. US and China trade war is the major event which is dragging global equity markets. Chinese market is continuing its weakness for sixth week and has lost 0.11% for the day .It is trading around 2754.US markets closed yesterday on account of independence day.USD/JPY which is the main indicator of geo political tension has lost almost 90 pips from the high of 111.13 due to geo political issues.US futures is trading marginally lower with Dow Jones at 24208 (0.11% lower) and S&P500 2716 (0.10% lower). Nikkei is currently trading around 21668 0.32% lower.
   
• USD/JPY has lost almost 80 pips from the high of 111.13on account of rising US China trade war. It hits low of 110.28 and is is currently trading around 110.85.
   
• On the lower side, index major support is around 21579 (50% fib) any break below will drag the index down till 21300/21180 (trend line support).
   
• The near term resistance is around 22080 (100-day MA) and any convincing break above will take the index to next level till 22289 (200 day MA)/22500.

It is good to sell on rallies around 21850-900 with SL at 22050 for the TP of 21190..