FxWirePro: Nikkei trades lower on NAFTA and Chinese trade war, good to sell on rallies

Asian markets are trading lower on NAFTA and escalating Chinese trade tensions. US has planned to impose further $200 billion tariffs in the first week of Sep. Emerging markets stocks and currencies are under pressure especially Turkey and South Africa.US ISM manufacturing index climbed to 61.3% in Aug fastest pace in 14 years.US markets has closed slightly lower with Dow Jones 25952 (0.05% lower) and S&P500 2896 (0.17% lower). US futures are currently trading slightly lower with Dow Jones 25982 (0.04% higher) and S&P500 2896 (0.01% higher). Nikkei is trading around 22643 (0.28% lower).
 

USD/JPY recovered more than 100 pips from low of 110.68 and is currently trading around 111.56 (0.11% higher)..
 

On the lower side, index near term support is around 22650 and any break below will drag the index down till 22526/22407 (200- day MA)/22200/22000. The major long term support is around 21750.
 

The near term resistance is around 23040 and any convincing break above will take the index to next level till 23200/23480.

It is good to sell on rallies around 22800 with SL at 23040 for the TP of 22400.