FxWirePro: Nikkei recovers slightly on easing trade war, good to sell on rallies

Asian markets are trading strong on account of easing trade war tensions and slight recovery of Turkish lira. The wall street journal has reported that the talks between US and China is expected to take place on Aug 21st and 22nd. US markets closed higher with Dow Jones 25558 (1.58% higher) and S&P500 2840 (0.79% higher).Shanghai has started to decline after showing a minor recovery till 2806. The index lost more than 100 points and is currently trading around 2695. US futures is trading flat with Dow Jones at 25628 (0.19% higher) and S&P500 2843 (0.10% higher). Nikkei is currently trading around 22297 0.16% lower.
 

USD/JPY has lost nearly 100 pips from the high of 111.43.It is currently trading around 110.86 (0.03% lower).
 

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 22386 (200- day MA) 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.