Major support - 20800
Asian markets are trading higher especially Shanghai hovering around 10-month high on account of trade talk optimism. US President said on Tuesday that trade talks between US and China is going on well. Shanghai composite has recovered more than 30% this year and facing strong resistance around 3200. US 10 year yield showing a good recovery of more than 7% from 14 -month low of 2.34%.USDJPY trades higher above 200- day MA at 111.46 and any close above that level confirms further bullishness. Nikkei jumped 200 points from today’s low of 21494 and is currently trading around 21699.
On the lower side, near term support is around 21430 (20- day MA) and any break below targets 21273/21000.
The near term resistance is at 21730 (200- day MA) and any break above targets 22000/22180.
It is good to buy on dips around around 21350-400 with SL around 21200 for the TP of 21735/22000.
