FxWirePro: Nikkei consolidate after hitting 8-month high, good to buy on dips

Asian markets is trading stronger with Nikkei trading flat after huge recovery of more than 800 points on account of positive global cues and weak yen. It hits high of 23800 highest level in 8 months .Nikkei jump mainly led by banking, securities due to recent spike in US bond yields. US 10 year bond yield recovered and is trading above 3%. Shanghai composite is trading flat after a recovery of 100 points from the low of 2644 and is currently trading around 2733 (0.07% lower). US markets closed higher with Dow Jones at 26405(0.61% higher) and S&P500 at 2907 (0.13% higher). US futures are currently trading flat with Dow Jones 26300 (0.03% higher) and S&P500 2907 (0.03% higher). Nikkei is trading around 23713 (0.22% lower).

USD/JPY is trading higher and has broken major resistance 112.15. It confirm further bullishness. It hits high of 112.44 and is currently trading around 112.13.
 

On the lower side, index near term support is around 23483 (23.6% fib) and any break below will drag the index down till 23234 (7- day MA)/23000. 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.