FxWirePro: Nikkei Daily Outlook

• Asian markets are trading slightly positive with Nikkei trading flat. US equities was trading higher yesterday followed by better than expected banking earnings. US markets has closed positively for fifth straight session. US market has closed marginal higher with Dow Jones at 25199 (0.32% higher) and S&P500 2815 (0.22% higher). Chinese market is trading slightly lower after more than 2% recovery.It is currently trading around 2771 (0.53% 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 25177 (0.01% higher) and S&P500 2811 (0.03% higher). Nikkei is currently trading around 22809 0.33% lower.
   
• USD/JPY has shown a minor selling till 112.69 after hitting high of 113.13. It is currently trading around 112.81.
   
• On the lower side, index major support is around 22355 (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.