FxWirePro: Nikkei Daily Outlook

Asian markets are trading lower especially Nikkei on account of trade worries between US and China and Emerging market turmoil. Nikkei decline was mainly led by technology stocks following footsteps of NASDAQ and earthquake in Hokkaido. The earthquake came at 6.7 magnitude and at least one person died and 32 are missing. The earthquake has triggered landslides and lot of homes got buried due to this. Emerging markets stocks and currencies are under pressure especially Turkey and South Africa.US markets has closed mixed with Dow Jones 25952 (0.09% higher) and S&P500 2888 (0.28% lower). US futures are currently trading slightly lower with Dow Jones 25966 (0.02% lower) and S&P500 2896 (0.07% lower). Nikkei is trading around 22480 (0.12% higher).
 

USD/JPY has lost more than 60 pips from the high of 111.75 and is currently trading around 111.35 (0.15% lower).
 

On the lower side, index near term support is around 22375 and any break below will drag the index down till 22100/22000. The major long term support is around 21750.
 

The near term resistance is around 22600 and any convincing break above will take the index to next level till 22800/23040.

It is good to sell on rallies around 22625-650 with SL at 22850 for the TP of 22100.