FxWirePro: Nikkei recovers more than 4% from low on trade deal optimism, good to buy on dips

Asian markets is trading higher especially Nikkei slightly gained nearly 0.5% on hopes on US-China trade deal. US markets has jumped sharply after Chinese importers bought US soybean and pared some of its gains during close with Dow Jones 24527 (0.64% higher), S&P500 2651 (0.54% higher).The US 10 year yield shown a minor recovery of more than 3.5% from low of 2.817% and US 2 year yield (2.776%) is trading on par US 5 year (2.771%). Shanghai is trading higher and is currently trading around 2643 (1.60% higher).Nikkei recovered more than 4% from low of 20948 and is currently trading around 21873(0.52% higher).

USDJPY is consolidating after a jump till 113.52 and is currently trading around 113.44.The near term major resistance is around 113.50 and any break above targets 114/114.25.

On the lower side, near term support is around 21570 and any break below targets 21400/21174/21000.

The near term resistance is at 22000 and any break above targets 22217 (89- day EMA)/22500.

It is good to buy on dips around 21600-625 with SL around 21400 for the TP of 22215.