FxWirePro: Nikkei declines on profit booking, good to buy on dips

Asian markets is trading mixed especially Nikkei lost more than 0.5% on account of profit booking.Nikkei hits 7-week high after 90 day ceasefire on tariff hikes. Wall Steet was trading higher for second consecutive day as US and China trade trade truce.US markets  has closed more than 1% yesterday with Dow Jones 25826 (1.13%) and S&P500 2790 (1.09%).Shanghai is consolidating after huge gap up yesterday and is trading around 26550.04% higher.Nikkei declined more than 400 points from high of 22784 and is currently trading around 22354.

USDJPY trades lower and hits 4-day low after a minor jump till 113.819.It is currently trading around 113.30.The near term major support is around 113 and any break below targets 112.30/112.

On the lower side, near term support is around 22350 (89- day EMA) and any break below targets 22190/21800/21400.

The near term resistance is at 22800 and any break above targets 23000/23280.

It is good to buy on dips around 22300-325 with SL around 22200 for the TP of 23000/23280.