FxWirePro: Nikkei recovers sharply on positive US market, good to buy on dips

• Asian markets are trading higher almost more than 1% on better than expected US Non Farm Payroll data. US economy has added 213000 jobs in the month of June compared to forecast of 195000. Unemployment rate remains steady at 3.8% but wage growth came at 2.7% slightly below expectations of 2.8%. Chinese market has halted its weakness and has jumped more than 1.5% higher.Shanghai composite is trading around 2791.US markets closed sightly on the higher side with Dow Jones at 24456 (0.40% higher) and S&P500 2759 (0.85% higher).USD/JPY which is the main indicator of geo political tension is trading flat after hitting high of 111.13. US futures is trading marginally higher with Dow Jones at 24590 (0.50% higher) and S&P500 2739 (0.39% higher). Nikkei is currently trading around 22030 0.80% higher.
   
• USD/JPY is consolidating after hitting high of 111.13.It is trading 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 110.44.
   
• 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 near term resistance is around 22075 (100-day MA) and any convincing break above will take the index to next level till 22289 (200 day MA)/22500.

It is good to buy on dips around 21750-800 with SL at 21580 for the TP of 22500