FxWirePro: Nikkei trades slightly weak on new tariff on China, good to buy on dips

Asian markets is trading weaker with Nikkei trading marginally lower 0.01% on weak yen and new round of tariffs . US and China trade talks worries is affecting overall global markets. US President Donald Trump has announced new round of tariffs of about $200 billion worth of Chinese imports.Shanghai composite is trading marginally higher and is at 2654 (0.12% higher). US markets closed flat with Dow Jones at 26062 (0.35% lower) and S&P500 at 2888 (0.56% lower). US futures are currently trading marginally weak with Dow Jones 26000 (0.25% lower) and S&P500 2883 (0.22% lower). Nikkei is trading around 23057 (0.01% lower).

USD/JPY is trading higher and any jump above 112.15 will confirm further bullishness. It is currently trading around 111.94 (0.05% higher).
 

On the lower side, index near term support is around 23000 (55- 2H EMA) and any break below will drag the index down till 22749/22626/. The major long term support is around 21750.
 

The near term resistance is around 23282 and any convincing break above will take the pair to next level 23500/23768 (161.8% fib).

It is good to buy on dips around 22800 with SL at 22600 for the TP of 23500/23768.