FxWirePro: Nikkei trades lower on US-Canada trade escalation and EM currencies turmoil, good to buy on dips

Asian markets are trading lower on trade tensions between US and Canada and unstable EM currencies weighed on global stock market. US and Canada to meet once again this week to continue negotiations on trade talks which has ended up without any major deal previous week.US President Donald Trump has threatened on Sat that it would terminate the NAFTA if congress intervene. Chinese Caxin/Markit purchase manufacturing index came at lowest level in a year. US futures are currently trading slightly lower with Dow Jones 25982 (0.10% lower) and S&P500 2903 (0.11% higher). Nikkei is trading around 22643 (0.28% lower).
 

USD/JPY has declined more than 100pips from high of 111.82 and is currently trading around 110.85 (0.17% lower).
 

On the lower side, index near term support is around 22650 and any break below will drag the index down till 22526/22407 (200- day MA)/22200/22000. The major long term support is around 21750.
 

The near term resistance is around 23040 and any convincing break above will take the index to next level till 23200/23480.

It is good to buy on dips around 22600-650 with SL at 22400 for the TP of 23050/23200.