FxWirePro: Nikkei recovers on slight weak yen, good to sell on rallies

Asian markets are trading weak excluding Nikkei which is trading slightly higher amid weak US markets.Global markets has shown huge selling yesterday after Turkish currency jitters.Turkish lira hits life time low after Donald Trump imposed double tariffs on metal for Turkey. The slight weakness in yen is supporting Nikkei especially export oriented stocks such as Sony and Honda has shown a minor jump of more than 1%. US markets closed slightly lower with Dow Jones 25187 (0.50% lower) and S&P500 2821 (0.40% lower).Shanghai has started to decline after showing a minor recovery till 2806. The index lost more than 0.5% and is currently trading around 2771.  USD/JPY which is the main indicator of geo political tension is trading slightly higher after huge decline. US futures is trading flat with Dow Jones at 25275 (0.18% higher) and S&P500 2828 (0.17% higher). Nikkei is currently trading around 21887 1.10% lower.
 

USD/JPY has lost jumped more than 70 pips from the low of 110.11.and is currently trading around 110.86 (0.14% higher).
 

On the lower side, index major support is around 21750 and any break below will drag the index down till 21460/21200.
 

The near term resistance is around 22280 and any convincing break above will take the index to next level till 22438 (10- day MA)/22800/23040.

It is good to sell on rallies around 22200-250 with SL at 22435 for the TP of 21760/21500.