Asian markets are trading weak after release of Chinese data.The Caixin Media and IHS Markit China’s Dec manufacturing purchasing managers index fell to 49. 7 from 50.2.Shanghai is trading weak and is currently trading around 2468 (1.01% lower). Nikkei is trading lower and lost more than 1%. It is currently trading around 19640 (1.40% lower).
USDJPY is trading weak for 3rd consecutive day and lost more than `150 pips in past three trading sessions. The pair has broken major support 110 and has lost `more than 70 pips for the day. It is trading around 109.63.
On the lower side, near term support is around 19000 and any break below targets 18600/18000.
The near term resistance is at 19695 (200- W MA) and any break above targets 19950 (23.6% fib)/20500.
It is good to sell on rallies around 20000 with SL around 20525for the TP of 19000.
