FxWirePro: Nikkei trades higher as US-China trade war on hold, good to buy on dips

• Asian markets were trading higher on Monday as US –China trade war negotiations on hold.US Trade Secretary Steven Mnuchin said on Sunday that “We are putting the trade war on hold .Right now we have agreed to put the tariffs on hold while we try to execute the framework .Asian market especially Japan was up more than 0.75% due to weak yen. Dow jones 24715 (0.00%) closed flat and S&P500 2717 (0.26% lower) closed marginally lower. US futures is trading marginally positive with Dow jones at 24944 (0.92% higher) and S&P500 2728 (0.58% higher). It is currently trading around 23020 0.81% higher.
   
• USD/JPY jumped almost more than 50 pips in today’s Asian session. It has broken major resistance at 111 and a jump till 112 likely.  The weaker yen also supporting Nikkei price.
    
• On the lower side, index major support is around 22650 (daily Tenkan-Sen) and any break below will drag the index down till 22520 (20- day MA)/22294 (100- day MA)/22000.
   
• The near term resistance is around 23000 and any convincing close above will take the index to next level till 23280/23500.

It is good to buy on dips around 22750-800 with SL at 22650 for the TP of 23480.