FxWirePro: Nikkei downside capped by 34 EMA, good to buy on dips

• Nikkei is consolidating in narrow range after hitting 25 year high at 23423 on Nov 9th 2017. The index’s long term bullish trend mainly due to weakness in Yen and strong US markets. The index declined till 21766 and shown a minor recovery. The recovery was mainly due to jump in large cap stocks such as automakers and defense related stocks on North Korea tensions.             
   
• USD/JPY has taken support near 100 –day MA and started to recover from that level. The pair bullish continuation can be seen if it closes above 114.45 (161.8% fibo) level. On the lower side, major support is around 111. (233- day MA) and any close below will take the pair till 111.68 (100- day MA)/111.13. It is currently trading around 112.54.
   
• On the lower side, index major support is around 22318 (100- H MA) and any break below will drag the index down till 22000/21750.
   
• The near term resistance is around 22800 and any break above will take the index to next level till 23000/23200/23480.

It is good to buy on dips around 22000 with SL around 21750 for the TP of 22800.