FxWirePro: Nikkei Daily Outlook

• Nikkei is trading slightly higher after minor selling. Markets are expected to be quiet today as most of them are closed due to Labor Day. The white house’s announcement that it would postpone a decision on imposing a hefty tariffs on U.S imports of steel and aluminum boosted investor’s sentiment in Asia. US markets pared early gains and lost almost 1.5% from the high and closed at Dow jones 24163 (0.61% lower) and S&P500 2648 (0.82% lower). US futures is trading slightly positive with Dow jones at 24200 (0.17% higher) and S&P500 2649 (0.36% higher).It is currently trading around 22516 0.37% higher.
   
• USD/JPY is trading in narrow range between 109 and 109.53 for the past four trading session. Any break above 109.60 confirms further bullishness and a jump till 110.25 likely.  
   
• On the lower side, index major support is around 22320 (100- day MA) and any break below will drag the index down till 22211 (10- day MA)/22000/21697 (Apr 13th low).
   
• The near term resistance is around 22620 and any break above will take the index to next level till 22694 (61.8% fibo)/23000.

It is good to buy on dips around 22150-200 with SL at 21920 for the TP of 22500/22680.