FXstreet.com (Barcelona) - Asian markets have declined on Monday weighed by another sell off in Chinese markets and a change in Japanese government. Euro and Pound trade at support levels after Friday's decline.

Tokyo Nikkei Index has dropped 0.4%, while South Korean Kospi Index dropped 1.1% and Hong Kong Hang Seng Index fell 1.8%. India's Sensex Index fell 1.2%, while Australian S&^P Index edged down 0.1%.

Chinese Shangai composite Index has dropped 5.7% on Monday's session, following a 3% decline on Friday, on investors' concern about tightening economic policies to sweep off liquidity that has fuelled the markets this year.

Furthermore, Japanese session has been driven by caution after this weekend's elections brought about the first change of government in the last 50 years.

Euro and Pound, at support levels

EUR/USD has been trading in a range from 1.4280 to 1.4315 during Asian session after Friday's decline from 1.4390 during U.S. session. At the moment, the Euro is testing session low at 1.4280.

GBP/USD fell on Friday's U.S. session from 1.6385 to close the week around 1.6265 to drop further during Monday's Asian session. The pair's attempt to pick up has been rejected at 1.6300 and the Pound reached a session low at 1.6225, which is being tested at the moment.

USD/JPY has declined on Asian session, following the country's change of government, the Dollar has declined from levels around 93.50 on Friday's U.S. session to 92.55 session low on Mondays Asian session.