FxWirePro: Nikkei trades lower as telecom sector tanks more than 6% on weak earnings outlook, good to buy on dips

Asian markets trades mixed especially Nikkei is trading slightly weak on weak earnings outlook from NTT Docomo . Wall street has closed higher especially NASDAQ Do Jones jumped more than 2% on better than expected Facebook earnings US futures is trading higher with Dow at 25190 (0.40% higher) and S&P500 2718 (0.44% higher).Chinese market shanghai is trading higher on hopes on stimulus by Chinese government as manufacturing slows. It is trading around 2632 1.13% higher.Nikkei has declined slightly as communication sector tanks more than 6.8% more than 1000 points from low of 20800. It is currently trading around 21770 (0.57% higher).

USDJPY has lost more than 50 pips from high of 113.37. The near term major resistance is around 113.48 and any break above targets 114/114.55. It is currently trading around 112.80.

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 22400.