FxWirePro: Nikkei hits 1-1/2 week high on strong global cues and weak yen, good to buy on dips

• Asian markets are trading higher almost more than 1% and Nikkei hits 1-1/2 week high following footstep of US market.US market posted a biggest gains in more than a month overnight as bank shares jumped ahead of earnings report. US market closed nearly 1% higher with Dow Jones at 24776 (1.21% higher) and S&P500 2784 (0.88% higher).Chinese market has halted its weakness  after more than 20% decline from the high and has jumped more than 5% in the past three trading session. USD/JPY which is the main indicator of geo political tension is trading higher and recovered almost 70 pips from the low. US futures is trading marginally higher with Dow Jones at 24857 (0.25% higher) and S&P500 2788 (0.18% higher). Nikkei is currently trading around 22264 0.24% higher.
   
• USD/JPY is trading higher after hitting low of 110.28.It has been consolidating between 111.13 and 110.28 for past one week.But upside is capped due to ongoing geo political tensions between US and China. It is is currently trading around 111.03.
   
• On the lower side, index major support is around 21579 (50% fib) any break below will drag the index down till 21300/21180 (trend line support). the minor support is around 21750.
   
• The near term resistance is around 22320 (200-day MA) and any convincing break above will take the index to next level till 22500/22780.

It is good to buy on dips around 22000 with SL at 21750 for the TP of 22500/22780.