FxWirePro: Nikkei Daily Outlook

Asian markets is trading slightly lower with Nikkei trading mildly negative after huge recovery of more than 900 points on account of strong US markets and weak yen.  It hits high of 23973 highest level in 8 months .The safe haven yen has gained  slightly after China cancelled upcoming tariff talks with US. Shanghai composite has shown a jump of more than 2% and recovered more than 150 points from low of 2644. It is currently trading around 2797(2.5% higher). US markets closed mixed  with Dow Jones at 26743 (0.32% higher) and S&P500 at 2930 (0.78% higher). US futures are currently trading flat with Dow Jones 26734 (0.07% higher) and S&P500 2929 (0.04% lower). Nikkei is trading around 23795 (0.10% lower).

USD/JPY is trading higher and hits high of 112.87.It is currently trading around 112.67.
 

On the lower side, index near term support is around 23634 and any break below will drag the index down till 23470 (23.6% fib)/23170/23000 (20- day MA). The major long term support is around 21750.
 

The near term resistance is around 24000 and any convincing break above will take the pair to next level 24280/24500.

It is good to buy on dips around 23400-450 with SL at 23000 for the TP of 24000/24280.