FxWirePro: Nikkei hits fresh 8-month high, good to buy on dips

Asian markets is trading flat after a huge recovery in previous week with Nikkei trading at fresh 8-month high. US fed has increased interest rates by 25bpbs and said that it would raise another quarter point by this year,three more next year and one in 2020. US 10 year bond yield has lost more than 2% after the fed monetary policy.Shanghai composite has shown a minor dip after hitting high of 2826 level. It is currently trading around 2802 (0.13% lower). US markets closed slightly lower with Dow Jones at 26385 (0.40%lower) and S&P500 at 2905 (0.33% lower). US futures are currently trading flat with Dow Jones 26430 (0.09% higher) and S&P500 2910 (0.09% higher). Nikkei is trading around 24040 (0.45% higher).

USD/JPY is trading higher and has shown a minor above 113 level. It hits high of 113.02.It is currently trading around 112.82.
 

On the lower side, index near term support is around 23890 and any break below will drag the index down till 23650 (55- 4H EMA)/23540 (23.6% fib)/23200/23100 (20- day MA). The major long term support is around 21750.
 

The near term resistance is around 24100 and any convincing break above will take the pair to next level 24280/24500.

It is good to buy on dips around 23700-750 with SL at 23500 for the TP of 24280/24500.