FxWirePro: Nikkei trades lower led by automakers on improper inspection, good to buy on dips

Asian markets are trading mixed with Nikkei slightly weak on strong yen and improper inspection by automakers. Japanese automaker Mazda corp and Yamaha lost 1.3% and 6.1% respectively after it has submitted reports to Japan’s transport ministry that it has done improper test on fuel economy and emission. US markets closed slightly higher with Dow Jones 25583 (0.18% lower) and S&P500 2857 (0.03% lower).Shanghai has once again recovered after hitting low of 2692 almost a double bottom. The index jumped more than 100 points from the low. It is currently trading around 2793 1.78% higher. USD/JPY which is the main indicator of geo political tension is trading slightly lower on rising trade war tension . US futures is trading flat with Dow Jones at 25567 (0.11% higher) and S&P500 2855 (0.11% higher). Nikkei is currently trading around 22604 0.10% higher.
 

USD/JPY is trading lower after hitting high of 112.15 and is currently trading around 110.80 (0.14% lower).
 

On the lower side, index major support is around 22470 (55- day EMA) and any break below will drag the index down till 22350/22240/22000/21750.
 

The near term resistance is around 22800 and any convincing break above will take the index to next level till 23050/23200.

It is good to buy on dips around 22450-500 with SL at 22350 for the TP of 23040.