FxWirePro: Nikkei Daily Outlook

• Asian markets are trading higher especially Nikkei rose almost 1% on account of weak yen and easing geo political tensions.The lack of escalation of trade war between US and China and weak yen is the main reason for jump in Nikkei. US markets closed slightly higher, highest close in 5.5 months with Dow Jones at 25019 (0.38% higher) and S&P500 2801 (0.11% higher). Chinese GDP came at 6.7% in line with market expectations of 6.7% but slightly lower compared to previous 6.8%. market is trading lower after more than 2% jump yesterday.It is currently trading around 2812 (0.68% lower). USD/JPY which is the main indicator of geo political tension is trading higher which is also supporting Nikkei .US futures is trading higher with Dow Jones at 25080 (0.25% higher) and S&P500 2802 (0.12% higher). Nikkei is currently trading around 22687 0.07% higher.
   
• USD/JPY is trading extremely bullish and has jumped more than 250 pips in previous  week. It hits intraday high of 112.80 and is currently trading around 112.48.
   
• On the lower side, index major support is around 22300 (55- day EMA) and any break below will drag the index down till 22080/21750/21460.
   
• The near term resistance is around 22800 (trend line resistance) and any convincing break above will take the index to next level till 23040/23200.

It is good to buy on dips around 22400-450 with SL at 22280 for the TP of 22780/23040.