FxWirePro: Nikkei trades higher on weak yen and easing crude oil price, good to buy on dips

• Asian markets are trading slightly lower excluding Nikkei rose more than 0.5% on account of weak yen and easing crude oil prices. WTI crude lost more than $2 yesterday after US treasury department eases Iran sanctions. US markets closed flat with slight decline in energy shares with Dow Jones at 25064 (0.15% higher) and S&P500 2798 (0.10% lower).US retail sales data came better than expected. It rose solidly in Jun and has increased by 0.5%.Chinese market is trading lower after more than 2% recovery.It is currently trading around 2785 (1.01% lower). USD/JPY which is the main indicator of geo political tension is trading higher which is also supporting Nikkei. US futures is trading higher with Dow Jones at 25099 (0.11% higher) and S&P500 2796 (0.10% higher). Nikkei is currently trading around 22794 0.84% higher.
   
• USD/JPY has shown a minor correction after hitting high of 112.80. It hits low of 112.23 and is currently trading around 112.40.
   
• On the lower side, index major support is around 22300 (55- day EMA) and any break below will drag the index down till 22080/21750/21460.
   
• The near term resistance is around 22800 (trend line resistance) and any convincing break above will take the index to next level till 23040/23200.
•  

It is good to buy on dips around 22400-450 with SL at 22280 for the TP of 22780/23040.