• Asian markets are trading lower especially Nikkei erased 3- month low on rising trade war. US and China trade war is the major event which is dragging global equity markets. Chinese market has shown major decline of 1.4% today after minor recovery . It is currently trading around 2740. US markets closed slightly flat with Dow Jones 24307 (0.15% higher) and S&P500 2726 (0.31% higher).Hang Sang tumbled more than 3% ahead of a July 6th deadline for US to impose $34 billion worth of Chinese exports to the US.USD/JPY which is the main indicator of geo political tension has shown a good recovery of 175 pips from low of 109.36 and shown a minor profit booking.US futures is trading marginally lower with Dow Jones at 24238 (0.15% lower) and S&P500 2722 (0.07% higher). Nikkei is currently trading around 21668 0.85% lower.
   
• USD/JPY has broken major resistance of 110.90 high made on Jun 15th 2018 and hits high of 111.13. It is currently trading around 11085.
   
• 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..