FxWirePro: Nikkei declines more than 1% on Trump’s new tariff, good to buy on dips

• Nikkei has shown a selling pressure at higher levels after hitting high of 21822 yesterday. The index declined slightly around 375 points from the high on US –China trade war worries. Asian equities is showing a minor weakness after Donald Trump introduced $100 billion of additional tariffs against China. The yen was trading flat against USD after hitting high of 107.48. it is currently trading around 21626 1.22% lower. 
   
• US dollar index hits high of 90.59 after breaking major resistance 90.24.Markets eyes US non-farm payroll data for further direction.  
   
• USD/JPY has shown a minor 50 pips dip from the high of 107.48. It is currently trading around 107.28. The pair should break above 107.50 (55- day EMA) for minor jump till 107.29/107.67    
   
• On the lower side, index major support is around 21420 (200- day MA) and any break below will drag the index down till 21200/21030/20925.
   
• The near term resistance is around 21800 (55- day EMA) and any break above will take the index to next level till 22000/22500.

It is good to buy on dips around 21400-450 with SL at 21180 for the TP of 21800/22000.