Asian markets is trading lower with Nikkei lost more than 500 points from yesterday high. The sell-off was mainly due to depreciation of Chinese .The downgrade of global growth by IMF also supporting weakness. Shanghai composite has stabilized after a gap down opening yesterday. It is currently trading around 2728 0.40% higher.
USD/JPY `has shown a selling of e than 100 yesterday after hitting 11 year high of 114.54.The pair is trading at 113.15 and a break below 112.80 (20- day MA) confirms intraday weakness.
On the lower side, near term support is around 23060 (50- day MA) and any break below 22621/22382 (200- day MA).
The near term resistance is at 23850 (20- day MA) and any break above targets 24000/24280.
It is good to sell on rallies around 24200-225 with SL around 24500 for the TP of 23500/23000
