Minor trend line support-21500
Asian markets are trading lower following foot steps of US market.The ECB has kept its rates unchanged as expected and announced some dovish policy measures. It has trimmed growth forecast from 1.7% for 2019 to 1.1%. The central bank said it would introduce a new set of stimulus measure TLTROs new round of cheap loans. US markets has closed lower for third consecutive day with Dow Jones at 25473 (0.78% lower) and S&P500 2748 (0.81% lower).Nikkei has formed a top around 21873 and declined nearly 800 points.It hits intraday low of 21096. USDJPY lost more than 50 pips from high of 112.13 level.It is currently trading around 111.44.
On the lower side, near term support is around 21085 (200-4H MA) and any break below targets 20800/20320.The index should break below 20800 for further direction.
The near term resistance is at 21285 (23.6% fib) and any break above targets 21500/21650.
It is good to sell on rallies around 21285-300 with SL around 21500 for the TP of 20800/20500.
