FxWirePro: Nikkei trades lower on trade war escalation,good to buy on dips

Asian markets are trading weak on fresh tariff fears. US President Trump has threatened to impose 25% on $200 billion worth of Chinese imports. Chinese markets has lost more than 2% for the day and more than 5% from the high of 2912.  US market has closed slightly lower with Dow Jones at 25333 (0.32% lower) and S&P500 2813 (0.10% lower). USD/JPY which is the main indicator of geo political tension is trading slightly lower on rising geopolitical tension . US futures is trading flat with Dow Jones at 25290 (0.23% lower) and S&P500 2807 (0.20% lower). Nikkei is currently trading around 22526 0.69% lower.
 

USD/JPY is trading slightly lower after hitting high of 112.15 and is currently trading around 111.54 (0.14% lower).
 

On the lower side, index major support is around 22386 (200- day MA) and any break below will drag the index down till 22270/22000/21750/21460.
 

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 22270 for the TP of 23040.