FxWirePro: Nikkei trades lower on global growth outlook,good to buy on dips

Asian markets are trading lower especially Nikkei lost nearly 300 points from high on global growth concerns.IMF cuts global growth forecast on account of trade war between US and China and Brexit uncertainty. It has lowered estimates for growth in 2019 by 0.2% to 3.5% and 3.6% in 2020.US markets was shut yesterday on account of Martin Luther king Jr.US futures is trading slightly lower with Dow Jones 24555 (0.33% lower) and S&P500 2654 (0.33% lower) . Shanghai is trading lower and is currently trading around 2569 (0.71% lower). Nikkei is trading weak for third consecutive day and is currently trading at 20 (0.95% lower).

USDJPY has halted its four days of continues jump and declined slightly on profit booking. The pair hits high of 109.88 and is currently trading around 109.45.The near term resistance is around 110and any break above targets 111.50/112..

On the lower side, near term support is around 20500 and any break below targets 20200/20000.

The near term resistance is at 21000 and any break above targets 21387/21573.

It is good to buy on dips around 20500 with SL around 20200 for the TP of 21380.