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FxWirePro: Nikkei declines as Fed meeting minutes points more rate hikes, good to sell on rallies

Asian markets is trading lower after mild decline in wall street and hawkish Fed minutes meeting. US Fed minutes meeting confirms that central bank plans to continue raising rates in the coming months to keep economy steady. US 10 year yield has jumped nearly 2% after Fed meeting minute and is currently trading around 3.21%. US markets has closed slightly lower with Dow Jones 25706 (0.36% lower) and S&P500 2809 (0.03% lower) .Shanghai is trading extremely weak and has lost more than 1.5%. It is currently trading around 2510.Nikkei has lost more than 200 points after hitting high of 22953.It is currently trading around 22716 0.61% lower. US futures is trading slightly lower with Dow at 25651 0.40% lower and S&P500 2802.90 (0.40% lower).

USD/JPY `has lost 25 pips after hitting high of 112.73. The near term resistance is around 112.78 and any break above targets 113/113.48. It is currently trading around 112.51.

On the lower side, near term support is around 22380 (200- day MA) and any break below 22030/21750.

The near term resistance is at aid 22940 (89- day EMA) and any break above targets 23110/23500.

It is good to sell on rallies around 22750-800 with SL around 23000 for the TP of 22000.

 

 

 

 

 

 

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