FxWirePro: Nikkei Daily Outlook

Asian markets are trading lower on trade tensions between US and Canada and unstable EM currencies. US and Canada trade talks has ended up without any major deal.US President Donald Trump has threatened on Sat that it would terminate the NAFTA if congress intervene.US markets has closed flat with Dow Jones 25964 (0.09% lower) and S&P500 2901 (0.01% higher). US futures are currently trading slightly lower with Dow Jones 25957 (0.15% lower) and S&P500 2902 (0.04% lower). Nikkei is trading around 22760 (0.59% lower).

USD/JPY has declined more than 100pips from high of 111.82 and is curretly trading around 110.85 (0.17% lower).

On the lower side, index near term support is around 22650 and any break below will drag the index down till 22485/22377 (200- day MA)/22200/22000. The major long term support is around 21750.

The near term resistance is around 23040 and any convincing break above will take the index to next level till 23200/23480.

It is good to buy on dips around 22600-650 with SL at 22400 for the TP of 23050/23200.