FxWirePro: Nikkei trades higher on positive global cues,good to buy on dips

Asian markets trades higher especially Nikkei jumps more than 0.50% on strong Wall Street . Investors awaits US mid term election result. The results are declared for 94 seats out of total 100 seats in Senate republican leads 51% and in house democrats lead 178out of 435. US markets closed higher with Dow Jones more than 0.5% .US futures is trading flat with Dow at 25765 (0.31% higher) and S&P500 2766 (0.29% higher).Chinese market shanghai continues to trade slightly higher and jumped more than nearly 0.2% higher and is trading around 2663 0.18% higher.Nikkei has jumped more than 1000 points from low of 20800 made on Oct 29th . It is currently trading around 22240 (0.27% higher).

USDJPY has lost more than 80 pip from high of 113.81. The near term major resistance is around 114 and any break above targets 114.55. It is currently trading around 113.25.

On the lower side, near term support is around 21993 (20- day MA) and any break below targets 21400/21000.

The near term resistance is at aid 22200 and any break above targets 22400/22630.

It is good to buy on dips around 21700-750 with SL around 21500 for the TP of 22400.