FxWirePro: Nikkei trades lower led by chipmakers, good to sell on rallies

Asian markets are trading mixed with Nikkei slightly weak amid better than expected Japan’s GDP. The decline was mainly led by chip makers after Morgan stanley. The trade talks happened between US and Japan yesterday has failed to reach agreement is also putting pressure on markets. US markets closed slightly higher with Dow Jones 25509 (0.29% lower) and S&P500 2853 (0.14% lower).Shanghai is showing small amount of profit booking after hitting high of 2805. It is facing resistance around 2807 (200- H MA) and any break above targets 2915. USD/JPY which is the main indicator of geo political tension is trading slightly lower on rising trade war tension . US futures is trading flat with Dow Jones at 25405 (0.33% lower) and S&P500 2840 (0.35% lower). Nikkei is currently trading around 22315 1.28% lower.
 

USD/JPY is trading lower after hitting high of 112.15 and is currently trading around 110.98 (0. lower).
 

On the lower side, index major support is around 22000 and any break below will drag the index down till 21750/21500.
 

The near term resistance is around 22400 and any convincing break above will take the index to next level till 22650/22800/23040.

It is good to sell on rallies around 22380-400 with SL at 22635 for the TP of 22000/21760.