FxWirePro: Nikkei trades higher as dollar eases after US inflation, good to buy on dips

• Asian markets are trading positive after 1% jump in U.S markets yesterday. Tech and health care stocks drive more gains for US market. Asian markets following footsteps of  US markets as slightly weaker than expected US inflation reduced the chance of drastic rates hike by Fed. US CPI rose 0.2%  in the month of Apr compared to forecast of 0.3%.US stock indices has closed positive yesterday with Dow jones 24700 (0.80% higher) and S&P500 2716 (0.94% higher). US futures is trading marginally positive with Dow jones at 24755 (0.22% higher) and S&P500 2723 (0.19% higher). It is currently trading around 22486 0.97% higher.
   
• USD/JPY recovered till 110.01 and shown a minor selling from that level. Any close above 110 confirms minor bullishness and a jump till 111/112 likely.  
    
• On the lower side, index major support is around 22300 (100- day MA) and any break below will drag the index down till 22230 (20- day MA)/21697 (Apr 13th low).
   
• The near term resistance is around 22800 and any break above will take the index to next level till 23000/23280.

It is good to buy on dips around 22500 with SL at 22300 for the TP of 22800/23000.