FxWirePro: Nikkei trades higher after 90-day ceasefire on tariff hikes,good to buy on dips

Asian markets is trading extremely higher especially Nikkei hits 7-week high after 90 day ceasefire on tariff hikes. US President has told Chines President Xi that US will would not impose tariffs on $200 billion of Chinese goods to 25% on Jan 1st . Wall Street has closed more than 0.5% on Friday and US futures continues to trade higher with Dow Jones 26030 (1.76% higher) ,S&P500 2807 (1.62% higher).Shanghai has shown huge gap up and is trading more than 2.5% higher at 2663.Nikkei jumped more than 500 points from low of 22234 and is currently trading around 22689.

USDJPY is trading slightly higher after forming a bottom around 113.19. It is currently trading around 113.57.The near term major support is around 113 and any break below targets 112.30/112.

On the lower side, near term support is around 22470 (200- day MA) and any break below targets 22190/21800/21400.

The near term resistance is at 22800 and any break above targets 23000/23280.

It is good to buy on dips around 22450-470 with SL around 22200 for the TP of 23000/23280.