FxWirePro: Nikkei pares early gains on political uncertainty, good to buy on dips

• Nikkei opened slightly higher and pared some of its gains on account of US air strikes on Syria. But it has failed to cause new risk aversion in markets. US futures was trading higher paring it yesterday loss with Dow jones 24481 (0.48% higher) and S&P500 2669 (0.45%).It is currently trading around 21647.
   
• US, UK and France struck three of Syria’s main chemical facilities. US defense secretary Jim Mattis said more than 100 missiles were fired. US dollar index has shown a minor decline after hitting high of 89.96. Market eyes US retail sales data for further direction. It is currently trading around 89.78.
   
• USD/JPY has once again declined after showing a minor jump above 55- day EMA. The pair hits high of 107.78 and started to decline from that level. It is currently trading around 107.16.    
   
• On the lower side, index major support is around 21645 (200- H MA) and any break below will drag the index down till 21534/21310.
   
• 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.