FxWirePro: Nikkei declines slightly on geopolitical tension, good to buy on dips

• Nikkei was trading flat between 21771 and 21567 for past two trading session.US markets has shown a minor selling from Tuesday’s high as Donald  Trump taunted Russia on twitter to “get ready for possible missile strike on Syria. The FOMC minutes for the March confirmed that members are confidence over US growth and inflation would return back to 2%. It is currently trading around 21647.
   
• US dollar index has shown a minor recovery on better than expected US CPI data. But it has shown a selling pressure at higher level despite hawkish FOMC minutes.  It is currently trading around 89.52.
   
• USD/JPY is trading in narrow range between 106.60 and 107.39 for the past three days. It is currently trading around 106.84. The pair should break above 107.50 (55- day EMA) for minor jump till 108/108.50.    
   
• On the lower side, index major support is around 21513 (20- 4H MA) and any break below will drag the index down till 21330 (100- 4H MA)/21000.
   
• The near term resistance is around 22000 and any break above will take the index to next level till 22200/22420.

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