Major support - 20800
Asian markets are trading flat especially Nikkei consolidating in narrow range of 200 points for past two trading days ahead of Fed meeting.The slightly stronger yen is putting minor pressure on Nikkei. USDJPY has lost nearly 70 pips from recent high of 111.90 level. US markets has closed higher for 7th consecutive day with Dow Jones at 25914 (0.25% higher) and S&P500 2832 (0.37% higher).Nikkei hits intraday low of 21433 and is currently trading around 21541.
On the lower side, near term support is around 21400 and any break below targets 21195 (89- day EMA)/20991-21070 (100- day MA and trend line support)/20800/20500/20320.
The near term resistance is at 21545 (300- day EMA) and any break above targets 21650/21800 (200- day MA).
It is good to buy on dips around 21300-325 with SL around 21180 for the TP of 21800.
