FxWirePro:Nikkei trades lower on strong yen, good to sell on rallies

• Asian markets are trading slightly weak especially Nikkei due to strong Yen. The yen is trading strong on account of political uncertainity in Italy and also due to US-N.Korea. Trump Said on Sunday a US team arrived in North Korea to prepare for a proposed summit between US and North Korea. US 10 year yield has declined below 2.90% for the first time this month.US markets are closed yesterday on account of memorial day. US futures is trading marginally weak with Dow Jones at 24741 (0.14% lower) and S&P500 2718 (0.14% lower). It is currently trading around 22250 0.70% lower.
   
• USD/JPY has declined more than 250 pips from the high of 111.39 on account of increasing geopolitical tensions. The pair is trading well below 200- day MA. Any further weakness can be seen if it breaks below 109. It is currently trading around 109.03    
   
• On the lower side, index major support is around 22257 (55- day EMA) and any break below will drag the index down till 22000 (38.2% fib)/21697 (Apr 13th low).
   
• The near term resistance is around 22600 (20- day MA) and any break above will take the index to next level till 23000/23200.

It is good to sell on rallies around 22300-350 with SL at 22600 for the TP of 21750..