FxWirePro: Nikkei trades higher on strong global cues and weak yen, good to buy on dips

Asian markets trades higher especially Nikkei hits one week high after a good recovery in US markets . Wall street has closed weak especially Do Jones jumped more than 1.5%.US futures is trading flat with Dow at 24919 (0.01% higher) and S&P500 2688 (0.03% higher).Chinese market shanghai is trading higher despite weaker than expected PMI data. It is trading around 2596 1.12% higher.Nikkei has recovered more than 1000 points from low of 20800. It is currently trading around 21770 (0.57% higher).

USDJPY is trading higher for 3rd consecutive days and jumped more than 0 pips yesterday .The near term major support is around 111.17 (trend line support) and any break below targets 111/110.35. It is currently trading around 113.21.

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

The near term resistance is at aid 22000 and any break above targets 22400/22630.

It is good to buy on dips around 21400 with SL around 21150 for the TP of 2240