FxWirePro: Nikkei trades higher on Fed chair's dovish comment, good to buy on dips

Asian markets is trading higher following footsteps of Wall Street especially Nikkei jumped more than 400 points from low of 22044. US markets was trading higher and jumped more than 2% after Fed Chairman Powell said benchmark interest rate was “just below “neutral level indicates that three year Fed’s tightening cycle is drawing ta close. US 10 year bond yield has shown a minor decline of more than 0.5% and is currently trading around 3.035%.Chinese market Shanghai has shown a recovery of more than 50 points and is trading around 2605 0.12% higher.Nikkei  hits high of 22434 and is currently trading around 22336 (0.17% lower).

USDJPY has once again declined after showing a jump above 114 level. The pair hits high of 114.03 and is currently trading around 113.38.The near term major resistance is around 114.23 and any break above targets 114.55/115. It is currently trading around 113.38.

On the lower side, near term support is around 21820 and any break below targets 21400/21000/20800.

The near term resistance is at 22467 (200- day MA) and any break above targets 22585/22950.

It is good to buy on dips around 22000 with SL around 21800 for the TP of 22550.