FxWirePro:Nikkei trades flat on festive season, good to buy on dips

• Nikkei is consolidating in narrow range between 22992 and 22717 for the past three trading session on account of Christmas holidays .The index jumped almost 1200 points from the low of 21802 made on Nov 15th 2017. The index has formed temporary top around  234323.Nikkei recovery was mainly due to weak yen and strong global market . It is currently trading around 22866.
    
• USD/JPY is showing a selling after a minor jump till 113.63.The pair should close above trend line resistance and is currently trading around 113.26. The pair’s minor weakness can be seen below 233- day MA at 112. Any daily close below 112 will take the pair to next level till 110.84/110. On the higher side, major resistance is around 113.50 and any convincing break above will take the pair till 114/115. It is currently trading around 112.22.
   
• On the lower side, index major support is around 22690 (20- day MA) and any break below will drag the index down till 22480 (34- day EMA)/22144/21800.
   
• The near term resistance is around 23000  and any break above will take the index to next level till 23300/23500.

It is good to buy on dips around 22650-700 with SL at 22300 for the TP of 23450.