FxWirePro:Nikkei jumps more than 2% on trade optimism,good to buy on dips

Major support - 20800

Asian markets are trading higher especially Shanghai jumped more than 2% on easing trade tensions between US and China.Chinese PMI data came in at 50.8 in Mar compared to forecast of 49.90.Shanghai composite has broken major resistance at 3129.90 high made on Mar 7th 2019 and jumped till 3161. US 10 year yield shown a minor recovery of more than 4.5% after hitting fresh 14-month low yesterday at 2.34%. USDJPY is trading higher after minor correction.It has jumped more than 100 pips from low of 110.02 and is currently trading around 111.08. US markets has closed slightly higher with Dow Jones at 25928 (0.82% higher) and S&P500 2834 (0.67% higher). Nikkei has lost nearly 200 points from high of 21691 and is currently trading around 21514.

 On the lower side, near term support is around 21370 (20- day MA) and any break below targets 21260 (55- day EMA)/21000.

 The near term resistance is at 21735 (200- day MA) and any break above targets 22000/22280.

It is good to buy on dips around around 21260-270 with SL around 21000 for the TP of 21735.