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FxWirePro: Nikkei trades further lower on yield curve inversion and strong yen and good to sell on rallies

Asian markets is trading weak following footsteps of US futures. US futures is trading extremely lower and has lost more than 2% on yield curve inversion. The US 10 year yield has lost trading around 2.89%. The spread between US 10-year and 2-year yield has reduced further to 10 basis point.Shanghai is trading lower and is currently trading around 2612 (1.40% lower).Nikkei is showing a minor recovery after a 100 point fall and is currently trading around 21349 (1.97% lower) and is currently trading around 21349.

 

USDJPY is trading lower after a minor jump till 113.24.It is currently trading around 112.79.The near term major support is around 112.40 and any break below targets 112/111.37.

 

On the lower side, near term support is around 21174 and any break below targets 20795.

 

The near term resistance is at 22000 and any break above targets 22330/22490 (200- day MA).

 

It is good to sell on rallies around 21600-650 with SL around 21800 for the TP of 21000.

 

 

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