FxWirePro: Nikkei hits 5- week high after moderately Hawkish Fed Powell comments, good to buy on dips

Asian markets are trading higher after Fed chairman Powell comments in Jacksonhole symposium. Fed chairman Powell affirmed that central banks  policy for  “further, gradual “rate hike. Shanghai recovered sharply  and jumped more than 100 points from low of 2653.It is currently trading around 2768. US dollar has lost more than 60 pips from the high of 95.71 and is currently trading around 95.06.US markets closed slightly weaker with Dow Jones 25790 (0.52% higher) and S&P500 2874 (0.64% higher). US futures is trading marginally higher with Dow Jones at 25698 (0.12% higher) and S&P500 2859 (0.13% higher). Nikkei is currently trading around 225 0.57% higher.
 

USD/JPY has recovered sharply more than 150pips form the low of 109.77.It is currently trading around 111.06 (0.15% lower).
 

On the lower side, index major support is around 22420 and any break below will drag the index down till 22360/22200/22000. The major long term support is around 21750.
 

The near term resistance is around 22800 and any convincing break above will take the index to next level till 23040/23200.

It is good to buy on dips around 22600-650 with SL at 22400 for the TP of 23050/23200.